Tag Archives: CU

Current Assets

Current Assets

Current Assets means:
the cash, accounts receivable, inventory, and other assets that are likely to be converted into cash, sold, exchanged, or expensed in the normal course of business, usually within a year.

Description and Definition of Current Assets

Current assets are assets of a company which are reasonably expected to be realized in cash, sold, or consumed during the normal operating cycle of the business – usually one year.

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Further Reading

Current Liabilities

Current Liabilities

Current Liabilities means:
the debts incurred by the reporting entity as part of normal operations and expected to be repaid during the following 12 months. Examples are accounts payable, short-term loans, and the portion of long-term loans that is due in 1 year.

Description and Definition of Current Liabilities

Liabilities, such as taxes, to be paid in a relatively short time, usually one year.

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Further Reading

Cumulative Bulletin

Cumulative Bulletin

Cumulative Bulletin means: a hardbound compilation of the material in the Internal Revenue Bulletin, usually issued semiannually.

Locating the IRB and the Cumulative Bulletin

  • The Internal Revenue Bulletin (IRB) is available in print or at the IRS website at: http://www.irs.gov/irb/ (only the most recent two years are available).
  • The Cumulative Bulletin (CB) is available in print. The print index to the CB is the Bulletin-Index Digest System. The Bulletin-Index Digest System is useful for obtaining IRB or CB citations for revenue rulings and procedures, Supreme Court and adverse Tax Court decisions, Public Laws, Treasury Decisions and treaties for the years 1953-1993.
  • The CB is also available online at Lexis in FEDTAX;CB and Westlaw in FTX-CB. These databases contain the CB from 1954 to the present. The CB is also available online in RIA Checkpoint from 1996 to the present. Look in “Rulings/IRB” on the left side of the screen under Find By Citation.

Citing the IRB and the Cumulative Bulletin in the Bluebook

See Bluebook Rule 14.5.2(a). Examples:

  • Rev. Proc. 85-47, 1995-37 I.R.B. 10.
  • Rev. Rul. 83-137, 1999-2 C.B. 41.

Curtesy

Curtesy

Curtesy means:
a husband's right in common law, upon the death of his wife, to a life estate in all lands that his wife owned in fee simple or in fee tail at any time during the marriage, provided that issue capable of inheriting the estate was born of the marriage. See also dower. Former IRC (check if this IRC provision is current here) §2034.

See Inheritance Tax and Inheritance Tax.

Current Earnings and Profits

Current Earnings and Profits

Current Earnings and Profits means:
a figure arrived at by adding nontaxable or tax- exempt income to taxable income for the tax year. Current earnings and profits, if not paid out, become accumulated earnings and profits. A distribution comes first from current earnings and profits and then from accumulated earnings and profits and is taxable to the shareholder to the extent of current and accumulated earnings and profit. A distribution is taxable to the extent of current earnings and profits even if accumulated earnings and profits are negative.

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

Former IRC (check if this IRC provision is current here) §312.

Custodial Parent

Custodial Parent

Custodial Parent means:
the parent named as custodian of a child in the most recent divorce or separate maintenance decree, written separation agreement, or court-approved custody order. Where legal custody has not been addressed by the court, or if joint custody has been ordered, the custodial parent is the one who has physical custody of the child for the greater portion of the year and is the one generally allowed to claim the child as an exemption. Former IRC (check if this IRC provision is current here) § 152(e)(1).