Tag Archives: CO

Costs

Costs

Description and Definition of Transportation and Storage Costs

The costs of moving your household belongings, furniture, vehicles, and pets, to your new home, and the cost of in transit storage for up to 30 consecutive days. These are deductible moving expenses.

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Cost-of-Living Allowance

Cost-of-Living Allowance

Description and Definition of Cost-of-Living Allowance (COLA)

A raise paid by your employer for increased living expenses. Hardship pay for employees sent to live and work in expensive places.

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Constructive Receipt

Constructive Receipt

About Constructive Receipt:

Constructive Receipt of Income is a doctrine under which a taxpayer is required to include in gross income amounts that, though not actually received, are deemed to have been received during the tax year. Thus income is constructively received when it is credited without restriction and made available to a taxpayer. Former Tax Regulation (check if this Reg. is current here) §1.451-2.

Example of Constructive Receipt:

Learn more about tax examples, explanations and calculations here.

Charles received a dividend check in the mail on December 20, 1994, but didn't deposit it until January 1995. The money was constructively received in 1994 and became part of Charles's taxable income for that year.

A concept of tax law that taxes income at the time the taxpayer could have received it, even if the taxpayer don't actually have it. A paycheck the taxpayer could pick up in December is considered constructively received and taxed in that year, even if the taxpayer don't get and cash the check until the following January. Also, interest paid on a savings account is considered constructively received and taxable in the year it is credited to his or her account, regardless of whether the taxpayer withdraw the money.

A paycheck the taxpayer get in December is considered constructively received and taxed in that year, even if the taxpayer do not cash it till January.

See Dividend in the American Legal Encyclopedia and Dividend in the World Legal Encyclopedia.

Description and Definition of Constructive Receipt

A tax rule that taxes income which is not received by you but which you may draw upon. You have received income when it is available to you, regardless of whether you actually take possession of it.

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Commuting Expense

Commuting Expense

The Commuting Expense are.

expense incurred while commuting between one's home and one's place of employment; commuting expense is not deductible. An exception is allowed for an individual with a regular place of business who must commute to a temporary place of business. Also, a deduction is allowed for a person who has two or more places of employment and travels between them.

See also other Tax Terms and Definitions in U.S.A.

away from home.

Description and Definition of Commuting Expense

The cost of traveling from your home to your principal place of work or business. Commuting expenses are generally not deductible. However, there are exceptions for temporary work locations and multiple work locations.

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Contributions Credit

Contributions Credit

Retirement Savings Contributions Credit Issue

You may find information about Retirement Savings Contributions Credit in this Tax Platform of the American Encyclopedia of Law.

Common Stock

Common Stock

Common Stock means:
security representing an ownership interest in a corporation. Ownership may also be shared with preferred stock, which has prior claim on any dividends to be paid and, in the event of liquidation, to the distribution of the corporation's assets. Dividends from common stock are generally taxed as ordinary income. Former IRC (check if this IRC provision is current here) §7701(a)(7).

U.S. and other Developed Countries International Tax Meaning

The ordinary stock of a corporation. An equity or ownership interest in a corporation. The holder of common stock usually has a vote in deciding company affairs. Common stock is usually last in priority when profits or assets are distributed.

See Dividend in the American Legal Encyclopedia and Dividend in the World Legal Encyclopedia.

Description and Definition of Common Stock

A certificate representing ownership as a shareholder in a corporation. In a liquidation common stockholders are the last to get paid, if at all.

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