Tag Archives: EX

Excess Accelerated Depreciation

Excess Accelerated Depreciation

Excess Accelerated Depreciation means:
the accumulated difference between the accelerated depreciation claimed for tax purposes and what the straight-line depreciation would have been. Generally, excess accelerated depreciation is recaptured (taxed) as ordinary income upon a sale, instead of receiving more favorable capital gains treatment. See also depreciation recapture.

Note: Since the Tax Reform Act of 1986, the significance of accelerated depreciation has diminished because only straight-line depreciation may be claimed for real estate acquired since then.

See also Capital Gain in the American Legal Encyclopedia and Capital Gain in the World Legal Encyclopedia.

See Depreciation in the United States Encyclopedia of Law and Depreciation in the World Encyclopedia of Law.

Description and Definition of Excess Accelerated Depreciation

The difference between the total depreciation you have taken since you acquired the property and the depreciation you would have taken if you had used the straight-line depreciation method. This is calculated upon the sale or disposition of property.

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Excise Tax

Excise Tax

Excise Tax means:
a tax imposed on an act, occupation, privilege, manufacture, sale, or consumption. In recent years, this term has been applied to just about every tax except the income tax and the property tax. In general, federal, state, and local excise taxes (e.g., on tobacco, gasoline, and spirits) are not deductible by an individual. Former IRC (check if this IRC provision is current here) §4041. In other words, a tax on the sale or use of specific products or transactions.

See Excise and Excise.

U.S. and other Developed Countries International Tax Meaning

A tax imposed on an act, occupation, privilege, manufacture, sale, or consumption.

See the entries Income Tax and State Income Tax in the American Encyclopedia of Law.

See Property Tax in the American Legal Encyclopedia and Property Tax in the World Legal Encyclopedia.

Description and Definition of Excise Tax

Excise taxes are taxes on the sale or use of certain products or transactions. You cannot deduct most excise taxes, including those for airline tickets, gasoline, spirits, or tobacco.

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Exemption

Exemption

Exemption may have one of the following meanings, depending the context of the term:

1. a deduction allowed a taxpayer because of his or her status or circumstances rather than because of specific economic costs or expenses during the taxable year. For example, a married couple having three children are allowed five personal and dependency exemptions by federal income tax laws, one for each person, on their joint return. The exemptions reduce the amount of income upon which the couple are taxed. The amount of the exemption is indexed for inflation each year; the indexed amount for 1994 is $2,450. Former IRC (check if this IRC provision is current here) §151.

2. the homestead exemption, offered in many jurisdictions, which reduces the value of real estate (usually the principal residence or domicile) that would otherwise be subject to an Ad Valorem tax.

3. the maximum alternative minimum tax exemptions for 1994 were $45,000 for a married couple filing jointly, $33,750 for a single person or a head of household, and $22,500 for a married couple filing separately. The maximum exemption for corporations is $40,000, which is phased out for alternative minimum taxable income in excess of $150,000. Former IRC (check if this IRC provision is current here) §55(d).

You can claim a personal exemption for yourself. On joint returns, a personal exemption is claimed for each spouse. the taxpayer also get an exemption for each dependent the taxpayer claim on his or her return. Each exemption reduces taxable income by $3,650 in and 2010 (and $3,700 in 2011). A rule that used to squeeze the value of exemptions for higher-income taxpayers has been repealed.

See the entries Income Tax and State Income Tax in the American Encyclopedia of Law.

See Tax exemption and Tax exemption.

Description and Definition of Exemption

A deduction from taxable income for you, your spouse, and your qualifying dependents. Special rules apply if someone else can claim you or your spouse as a dependent.

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Executor

Executor

About Executor:

Executor (executrix) is a person designated to cany out the wishes expressed in a will as to the administration of a decedent's estate and the distribution of the assets in it. An executor may be a bank trust officer, a family member, or a trusted friend. Executrix is the term for a woman who fills this role. Former IRC (check if this IRC provision is current here) §2203.

Description and Definition of Executor

A legal entity, frequently an individual, who is named in the decedents will to carry out the desires of the deceased after his death as designated in the will. Executors must be approved by the court probating the will. An executor pays all indebtedness as claimed by creditors of the estate, with the approval of the court, and then carries out or executes the will according to the terms set forth by the deceased.

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