Tag Archives: BL

Blind

Blind

Description and Definition of Blind

For tax purposes, you are considered blind if:

you are totally blind, or

your vision with corrective lenses is no better than 20/200 in your best eye, or

you have a visual field not greater than 20 degrees.

Blind Individuals Issue

You may find information about Blind Individuals in this Tax Platform of the American Encyclopedia of Law.

Resources

See Also

Further Reading

Blockage Discount

Blockage Discount

Blockage Discount means:
a discount from fair market value for a decedent's block of assets, taken for purposes of determining the valuation of an estate.

Example of Blockage Discount:

Learn more about tax examples, explanations and calculations here.

A famous artist's estate contains a large number of works that would depress the market if sold quickly. The blockage discount reduces the value of the inventory to allow for the sale of these works at an orderly pace.

Blue Book

Blue Book

Blue Book means:
a general explanation of a tax act, prepared by the staff of the Joint Committee on Taxation. The U.S. Internal Revenue Service does not accept the explanations in the Blue Book as having legal effect except with respect to the accuracy-related penalty.

Blindness

Blindness

Blindness means:
to qualify for the blindness standard deduction (or to receive benefits under the Social Security disability program), vision that cannot be corrected to better than 20/200 in the better eye, or a visual field of 20 degrees or less, even with corrective lenses. Vision is determined as of the last day of the taxable year, or as of the date of death (in the case of a deceased taxpayer). Former IRC (check if this IRC provision is current here) §63(0(4).

See Inheritance Tax and Inheritance Tax.

Blended Rate

Blended Rate

Blended Rate means:
the time- and rate-weighted effective tax rate applied to a taxpayer who uses a fiscal tax year when the rate of tax changes. For example, the top corporate rate became 35% on January 1, 1993- A corporation with a fiscal tax year that straddles January 1, 1993, would compute its tax based partly on the old rates and partly on the new, to result in a blended rate.

See Tax Rate and Tax Rate.