Tag Archives: GR

Grantor Trust

Grantor Trust

Grantor Trust means:
a trust that has beneficiaries other than the grantor but, because interests or certain powers over the trust, are retained, all income of the trust is taxed to the grantor. Former IRC (check if this IRC provision is current here) §§671-677.

Description and Definition of Grantor Trust

A trust in which the grantor retains some interest and control and as a result is taxed on any income from the trust.

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Group Life Insurance

Group Life Insurance

Group Life Insurance means:
a basic employee benefit Under which an employer buys a master policy and issues to employees certificates denoting participation in the plan. Group life is also available through unions and associations. It is usually issued as yearly renewable term insurance although some policies provide permanent insurance. An employer may pay all the cost or share it with employees. The premiums paid by the company on such insurance are not taxable to the employee on coverage of up to $50,000 per person. Former IRC (check if this IRC provision is current here) §79 and Reg. §1.79-l(a).

Description and Definition of Group Life Insurance

Life insurance obtained by an employer for employees. Employees are not taxed on up to $50,000 of group life insurance coverage. Premiums for the first $50,000 of life insurance per employee are deductible by the employer.

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Gross Income

Gross Income

Gross Income means:
the total of a taxpayer's income from any source, except items specifically excluded by the Internal Revenue Code and other items not subject to tax. Former IRC (check if this IRC provision is current here) §61. See Gross Income and Gross Income.

Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships. It does not include welfare benefits and nontaxable Social Security benefits. TAXES ON GROSS INCOME: In some countries income taxes are levied on gross income (usually at low rates) without deduction for expenses.

U.S. and other Developed Countries International Tax Meaning

Gross receipts, whether in the form of cash or property, of the taxpayer received as compensation for independent personal services, and the gross receipts of the taxpayer derived from a trade, business or services, including interest, dividends, royalties, rentals, fees or otherwise.

Gross Income and California Tax

For more information about taxes in California, click here. All income you received in the form of money, goods, property, and services from all sources that are not exempt from tax. Gross income does not include any adjustments or deductions.

Description and Definition of Gross Income

The total amount of income received from all sources before adjustments, deductions, or exemptions. Gross income deals with all the money, goods and property you receive that must be included as taxable income. People who use the barter system exchanging non-monetary goods and/or services as payment have to include whatever they've bartered for as part of their gross income.

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Gross Dividends

Gross Dividends

Description and Definition of Gross Dividends

The total of all dividends you received. Your gross dividends are the sum of any ordinary dividends, capital gains distributions, and nontaxable distributions you received during the tax year. Ordinarily “Gross Dividends” are paid by mutual funds.

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Gross Receipts

Gross Receipts

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

1. The total sales of a business in a year, before deductions for returns and allowances or trade discounts, constitute the gross receipts.

2. For purposes of the built-in gain tax, the gross receipts of an S corporation include revenue from inventory sales, sales of fixed assets, and various other items. Also, a foreign tax must satisfy the gross receipts test in order to qualify for a foreign tax credit.

Description and Definition of Gross Receipts

Total business receipts for your business during the year before deducting adjustments for returns and allowances and cost of goods sold.

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Gross Income Test

Gross Income Test

Description and Definition of Gross Income Test

In order for you to claim a dependency exemption your dependent must meet this and four other tests. To meet this test your dependent must have less than $2,700 in total income during the tax year. If this person is your child under 19 years old, or a full-time student under 24 years old, he or she does not need to meet this test.

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Grantor-retained Unitrust

Grantor-retained Unitrust

About Grantor-retained Unitrust:

Grantor-retained Unitrust (GRUT) is a trust in which the grantor retains a qualified unitrust interest. A GRUT pays the income beneficiary a fixed percentage that is not less than 5% of the net fair market value of its assets (as valued annually).

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

charitable remainder unitrust.

Grantor-retained Annuity Trust

Grantor-retained Annuity Trust

About Grantor-retained Annuity Trust:

Grantor-retained Annuity Trust (GRAT) is a trust in which the grantor retains a qualified annuity interest. A GRAT provides for a guaranteed fixed income payment based on the value of the assets at the time they are initially transferred to an irrevocable trust. The amount of the gift is the fair market value of the property transferred to the trust, less the value of the qualified annuity interest. The grantor enjoys the use of the transferred assets and has a reduced estate value at death.

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

charitable remainder annuity trust.

See Inheritance Tax and Inheritance Tax.