Tag: CR

  • Crop Method

    Description and Definition of Crop Method A method of accounting used by farmers. It allows them to deduct the entire cost of producing the crop, including the expense of seed and young plants, in the year they realize income from the crop. Resources See Also Further Reading Crop Method in […]

  • Credit Cards

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

  • Credit

    Credit may have one of the following meanings, depending the context of the term: 1. for taxes, a dollar-for-dollar reduction in a person's tax liability. See also specific credits, including child and dependent care credit; investment tax credit; low- income housing credit. 2. in […]

  • Credits

    The Credits are. under the Social Security Act, the determiners of eligibility for Social Security programs. A person earns credits by working in a job covered by Social Security and by paying Social Security taxes. In 1991, one credit was earned for each $540 in Social Security earnings. A maximum …

  • Credit for Fica Taxes Paid

    About Credit for Fica Taxes Paid: for food and beverage establishments, a tax credit equal to the employer's Federal Insurance Contribution Act obligation (e.g., 7.65%) attributable to reported tips in excess of those treated as wages for purposes of satisfying the minimum wage provisions. To preven…

  • Criminal Offense

    About Criminal Offense: as pertains to income tax matters, a willful attempt in any manner to evade or defeat a tax. See the entries Income Tax and State Income Tax in the American Encyclopedia of Law….

  • Crane Doctrine

    Crane Doctrine may have one of the following meanings, depending the context of the term: 1. the judicial doctrine that liabilities assumed in the acquisition of property are part of the basis of that property. 2. the doctrine that relief of debt may be treated as receipt of money when debts are ass…

  • Credit for Foreign Death Taxes

    Credit for Foreign Death Taxes means:a credit or other debt instrument against the federal estate tax for any inheritance, estate, legacy, or succession tax paid to a foreign country and its political subdivisions on any property that is included in the decedent's gross estate. See <a href="http…

  • Credit for Prior Year Minimum Tax

    Credit for Prior Year Minimum Tax means:a credit or other debt instrument against regular income tax liability allowed for alternative minimum tax paid in a previous year. The credit is generally the amount of tax paid, reduced by the portion that was generated by the following exclusion items: …

  • Credit for Fuel from A Nonconventional Source

    Credit for Fuel from A Nonconventional Source means:a credit or other debt instrument of $3 per 5 8 million BTU for the production of oil, gas, and synthetic fuels from nonconventional sources such as coal seams, geopressured brine, shale, tar sands, or biomass. The fuel must be produced and sol…