Tag: CL

  • Claim-of-right Doctrine

    Claim-of-right Doctrine means:the judicial doctrine that an amount is includable in gross income upon actual or constructive receipt as long as the taxpayer has an unrestricted claim to the amount. If it is determined in a later year that the taxpayer did not have an unrestricted claim to the am…

  • Claims Court

    Claims Court means:the former name of a Washington, D.C.-based trial-level court in which a taxpayer may sue the government for a refund of overpaid taxes. See also Court of Federal Claims. Former IRC (check if this IRC provision is curr…

  • Closing Inventory

    Closing Inventory means:the quantities and value of stock in trade at the end of an accounting period….

  • Closing Entry

    Closing Entry means, in accounting, one of the final entries made at year-end to close accounts and transfer the amounts to financial statements….

  • Closed Transaction Doctrine

    Closed Transaction Doctrine means, in a corporate liquidation, the U.S. Internal Revenue Service takes the position that all the assets have a basis equal to their fair market value on the distribution date. Thus, gain or loss is determined on the liquidation date on the basis of the fair market val…