Tag: CR

  • 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 Qualified Electric Vehicles

    Credit for Qualified Electric Vehicles means:a nonrefundable credit of 10% of the cost of a qualified electric vehicle placed in service after June 30, 1993, and before January 1, 2005. The maximum credit is $4,000 per vehicle. A qualified electric vehicle is a motor vehicle powered by rechargea…

  • Criminal Penalty

    Criminal Penalty means:a severe sanction against a taxpayer, as contrasted with a civil sanction. The U.S. Internal Revenue Service must prove intent on the part of the taxpayer. See Former IRC (check if this IRC provision is current her…

  • Creditable Foreign Tax

    Creditable Foreign Tax means:a tax qualifying for the foreign tax credit. The predominant character of the tax must be that of an income tax in the U.S. sense. Three requirements must be met: realization, gross receipts, and net income. A taxpayer may elect to claim a foreign tax credit only for…

  • Crummey Power

    Crummey Power means:the beneficiaries' noncumulative power to invade a trust's corpus during a brief period of each year, to the extent often limited to $10,000 or to $5,000 or 5% of the corpus (whichever is greater)….

  • Cross-crediting

    Cross-crediting means:the application of high foreign taxes paid on certain types of income to reduce the U.S. tax on passive types of income, which typically are subject to low foreign tax….

  • Creeping Inflation

    Creeping Inflation means:slow but inexorable continuing inflation, which, though it seems tolerable in the short run, nonetheless leads to significant long-run price increases. A sustained inflation of 2% per year will cause prices to increase over fivefold in a century. Because of our progressi…

  • Criminal Investigation Division

    Criminal Investigation Division means:the part of the U.S. Internal Revenue Service that conducts tax audits when criminal fraud is suspected. A member of this division is called a special agent….

  • Creditor

    Creditor means:a person (individual or entity) who has extended credit and to whom money is owed; a lender. Contrast debtor….