Category: U
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Unstated Interest
Unstated Interest is used. when no interest or low interest is provided in an installment sale the agreement, the part of each payment that will be treated as interest, is referred to also as unstated or imputed interest. When the stated interest on a sales contract is less than the applicable […]
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Unearned Income
About Unearned Income: Unearned Income (or unearned revenue) is the investment income from sources other than trade or business, wages, salaries, tips, and other employee compensation. Interest, dividends, royalties, and capital gains may be called unearned income. In general, payments […]
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Useful Life
Useful Life means:the period of time over which a depreciable asset is expected to provide a competitive return. In other words, the period during which it is estimated that a depreciable asset will provide useful service to the business in which it is used. The modified accelerated cost […]
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Underpayment Penalty
Underpayment Penalty means:a penalty that is assessed if total withholding and estimated tax payments are less than 90% of current-year actual tax liability. The rate is pegged to the federal short-term rate in effect during the third month following the tax year of underpayment. In […]
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Uniform Commercial Code
Description and Definition of Uniform Commercial Code (UCC) A comprehensive set of business laws adopted by nearly all the states. The UCC makes the rules of commercial transactions universal. Resources See Also Further Reading Uniform Commercial Code (UCC) in the West's Tax Law […]
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Unearned Revenue
Description and Definition of Unearned Revenue Unearned revenue is money that a business has received in advance of providing the goods or services to the customer. Unearned revenue is a liability of the business. Resources See Also Further Reading Unearned Revenue in the West's Tax Law […]
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Unrecaptured Section 1250 Gain
Unrecaptured Section 1250 Gain When a depreciable asset is sold, the depreciation that has been allowed or allowable may be subject to recapture. When depreciation is recaptured, some or all of the taxable gain from the sale is taxed at ordinary income tax rates instead of the more favorable capital gain rates. For depreciable real…
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Uniform Standards of Professional Appraisal Practice
About Uniform Standards of Professional Appraisal Practice: Uniform Standards of Professional Appraisal Practice (USPAP) are valuation standards published in 1989 that apply to the appraisal of real property, personal property, intangible assets, and interests in closely held businesses….
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Unemployment Compensation
About Unemployment Compensation: compensation that includes: • benefits paid by a state from the Federal Unemployment Trust Fund. • unemployment insurance benefits. • railroad unemployment compensation benefits. • disability payments from a government program paid as a substitute…
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Unrelated Business Income
About Unrelated Business Income: Unrelated Business Income (UBI) is the income from a trade or business that is not substantially related to a not-for-profit organization's tax-exempt function and that is regularly carried on by the organization. Annuities, interest, royalties, and rent from real an…