Net Worth
Net Worth means:
the amount by which the fair market value of all of a corporation's assets exceed its liabilities. With respect to a collapsible corporation, its assets include the amount of any distributions in complete liquidation, and net worth does not include contributions to capital made within 1 year of liquidation if there was not a bona fide business purpose for the transfer. Former IRC (check if this IRC provision is current here) §341(e)(6).
Net Worth Tax in the U.S. and other Developed Countries International Tax Meaning
Many European countries impose the net worth tax in the context of property taxation. The taxable base for resident taxpayers is normally the taxpayer's worldwide net worth, i.e. total assets less liabilities along with deductions and exemptions specially allowed by tax laws.
See Property Tax in the American Legal Encyclopedia and Property Tax in the World Legal Encyclopedia.
See Tax exemption and Tax exemption.
Description and Definition of Net Worth
Total assets minus total liabilities.
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