Tag Archives: BU

Budget

Budget

Description and Definition of Budget

An itemized listing of the amount of all estimated revenue and the amount of all estimated costs and expenses that will be incurred in obtaining the revenue during a given period of time for a business. A budget is typically for one business cycle, such as a year.

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Business Expenses

Business Expenses

Description and Definition of Ordinary and Necessary Business Expenses

A legal requirement for the deductibility of a business expense. Business expenses must be ordinary and necessary to be fully deductible as current expenses, as opposed to unreasonable expenses.

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Burden of Proof

Burden of Proof

Burden of Proof means:
the duty of a plaintiff, at the beginning of a tax trial, to make a prima facie showing of each fact necessary to establish the existence of a cause of action. In general, the burden of proof is on the taxpayer in a civil tax case and on the U.S. Internal Revenue Service in a criminal or fraud case.

In other words: The responsibility of the taxpayer to prove that his or her tax return is accurate, rather than the IRS having to provide convincing evidence that it is inaccurate. Although Congress has shifted the burden of proof to the IRS in certain tax disputes, don't throw away his or her records. The change will have no effect on the vast majority of taxpayers. The burden shifts only if a case gets to court – which happens very rarely – and then only if the taxpayer has complied with all record-keeping requirements and has cooperated with IRS requests for information. In almost all cases, then, the burden of proof remains on his or her shoulders.

U.S. and other Developed Countries International Tax Meaning

Obligation to persuade a court or other entity of the validity of a factual assertion.

See Taxation Office and Taxation Office.

Description and Definition of Burden of Proof

A legal doctrine that places the burden of proving an issue on one party or the other. In income tax law it is the responsibility of the taxpayer to prove that his or her tax return is accurate, rather than the IRS having to provide convincing evidence that it is inaccurate. In most cases the burden of proof remains on the taxpayer's shoulders.

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Business Asset

Business Asset

Description and Definition of Business Asset

An asset held for business purposes, such as a car, computer equipment, or office furniture. Business assets are depreciable over a period of years. Assets such as office supplies, small hand tools, and general supplies are not business assets and you can deduct them as business expenses in the year in which the purchase is made.

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Business

Business Tax Law

Business General Information

Business Entertainment Expenses
Business Income
Business Travel Expenses
Business Use of Car
Business Use of Home
Business Use of Home – Is It Deductible?
Business Use of Home – Taxes and Interest
Principal Business Activity Codes

Partnership / 1065

2005 1065 K-1 instructions
Basis Limitations for K-1 Losses
Dispositions with Prior Section 179 Expense
Form 1065
Partner Health Insurance Premiums
Partner Section 179 Expense Deduction
Partner’s Capital Account Analysis
Schedule K-1 (Forms 1065 and 1120S)
Schedule K-1 – Line 20 (Form 1065) Code Definition

Corporate / 1120

Alternative Taxation of Income from Qualifying Shipping Activities
Corporate Extensions
Form 1120
Schedule M-3 FAQs
Unrecaptured 1250 Gain
Retroactive 1120 Tax Return
RE in a Corp

S Corporate / 1120S

Basis Limitations for K-1 Losses
Dispositions with Prior Section 179 Expense
Distributions from AAA
Electing S Corporation Status
Election: Family as Single Shareholders for “S” Corps.
Form 1120S
S Corporation Distributions
S Corporation Excess Net Passive Income Tax
S Corporation Termination of Shareholders Interest
Schedule K-1 (Forms 1065 and 1120S)

Fiduciary / 1041

Fiduciary Terms
Form 1041

Estates and Trusts

Bankruptcy Estates
Complex Trusts
Decedent’s Estates
Electing Small Business Trusts (ESBT)
Estate Tax Filing Requirement
Estate Terms
Estate and Gift Tax Reporting of Gifts from Prior Periods
Grantor Trusts
GST Exemption
Guide to Types of Estate and Trust Entities
How to File a Trust Return
Qualified Disability Trusts
Qualified Funeral Trusts
Simple Trusts
Split-Interest Charitable Trusts
Trust 1041-A
Trust 1041-T
Trust Depreciation
Trust Schedule D

Gift Tax / 709

Annual Exclusion for Gift Tax
Estate and Gift Tax Reporting of Gifts from Prior Periods
Gift Tax Filing Requirement
GST Exemption
Unified Credit for Gift and Estate Tax
Related Internal Revenue Code Sections
Sec. 2012. Credit for gift tax
Sec. 2505. Unified credit against gift tax
Sec. 6019. Gift tax returns
Sec. 6075. Time for filing estate and gift tax returns

Exempt Organizations (Non-Profit) / 990s

Exempt Organization Reference Chart
Exempt Organization Return Filing
990-N Filing ePostcard
Gross Receipts Normally $25,000 or Less Test

Benefit Plan / 5500

Business Entities

Business Entities

Business Entities Content

Tax Planning for Corporations and Shareholders

This section explores some details of Tax Planning for Corporations and Shareholders in relation to business entities taxation in the United States.

Tax Planning for Partners, Partnerships and LLCs

This section explores some details of Tax Planning for Partners, Partnerships and LLCs in relation to business entities taxation in the United States.

Tax Planning for S Corporations

This section explores some details of Tax Planning for S Corporations in relation to business entities taxation in the United States.

Professional Corporations & Associations

This section explores some details of Professional Corporations & Associations in relation to business entities taxation in the United States.

Taxation of Securities Transactions

This section explores some details of Taxation of Securities Transactions in relation to business entities taxation in the United States.

Business Organizations with Tax Planning

This section explores some details of Business Organizations with Tax Planning in relation to business entities taxation in the United States.

Corporate Acquisitions and Mergers

This section explores some details of Corporate Acquisitions and Mergers in relation to business entities taxation in the United States.

Built-in Gain

Built-in Gain

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Built-in Gain and Built-in Loss

1. any unrealized gain (loss) attributable to appreciation (depreciation) in the value of all assets held by a C corporation that elects to become an S corporation. See also built-in gain tax. Former IRC (check if this IRC provision is current here) §1374. 2. in a liquidation, a loss that was contributed to a corporation shortly before the adoption of the plan of liquidation. In general, the loss is disallowed upon liquidation if the distribution is to an unrelated party. Former IRC (check if this IRC provision is current here) §336(d).

3. a built-in deduction limitation prevents a consolidated group from acquiring a subsidiary with unrealized losses for the purpose of offsetting them against income of other members of the group. Former Tax Regulation (check if this Reg. is current here) §1.1502-15(a)(l).

See Depreciation in the United States Encyclopedia of Law and Depreciation in the World Encyclopedia of Law.