Tag: BO

  • Bond

    Bond means:an obligation to pay. Most federal, municipal, and corporate bonds pay interest twice a year (semiannually). Interest on municipal bonds is generally nontaxable for federal income tax purposes and in the municipality of issue. Interest on federal government bonds is taxable […]

  • Book Value

    Book Value means:the value of individual assets, calculated as actual cost less allowances for any depreciation. Book value may be much more or less than current fair market value. Example of Book Value: Learn more about tax examples, explanations and calculations here. X Corporation […]

  • Board of Directors

    Description and Definition of Board of Directors A group of people elected by the stockholders to set overall corporate policy and supervise the corporation's executives. The Board of Directors tries to maintain the corporation in good financial health and return to the stockholders a […]

  • Boot

    Boot means:unlike property included to balance the values of like properties exchanged. Example of Boot: Learn more about tax examples, explanations and calculations here. In an exchange of property under Section 1031 of the Internal Revenue Code, Collins exchanges her warehouse, worth […]

  • Bond Premium

    Bond Premium means:the amount the purchaser pays in buying a bond that exceeds the face or call value of the bond. The premium can be amortized each year by the bondholder to reflect the fact that the true interest rate is less than the coupon rate. Amortization is elective for taxable […]

  • Bookkeeping

    Description and Definition of Bookkeeping The regular and systematic recording of the transactions affecting a business. Resources See Also Further Reading Bookkeeping in the West's Tax Law Dictionary Bookkeeping in "A Dictionary of Taxation"

  • Bona Fide Foreign Resident

    Bona Fide Foreign Resident means:a person living in a foreign locality for an entire taxable year and meeting a number of judicial criteria. Such a person is eligible to exclude foreign- source income under Former IRC (check if this IRC provision is current here) §911(d). See also […]

  • Bond Adjustment

    Description and Definition of U.S. Savings Bond Adjustment An adjustment to your taxable interest on Schedule B for any interest on U.S. Savings Bonds that you have already reported and paid tax on as the interest was earned. Resources See Also Further Reading U.S. Savings Bond Adjustment in […]

  • Borrower

    Borrowers Certificate Issue You may find information about Borrowers Certificate in this Tax Platform of the American Encyclopedia of Law.

  • Bona Fide

    Bona Fide (latin legal term) means:Latin for “in good faith;” that is, without fraud or deceit; genuine. Former IRC (check if this IRC provision is current here) §357(b)(l)(B)….