Tag: LO
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Local Tax
Description and Definition of Local Tax Your local county, town or city may impose tax to operate services such as garbage pick-up, water treatment, and street-cleaning. Resources See Also Further Reading Local Tax in the West's Tax Law Dictionary Local Tax in "A Dictionary of […]
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Long-Term Liabilities
Description and Definition of Long-Term Liabilities Liabilities of a business that are due in more than one year. Resources See Also Further Reading Long-Term Liabilities in the West's Tax Law Dictionary Long-Term Liabilities in "A Dictionary of Taxation"
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Loss
Loss means:an excess of expenses over revenue; an item is sold for less than its cost or adjusted basis. Contrast profit. Losses may broadly be defined as the excess of expenses over revenues for a period, or the excess of the cost of assets over the proceeds when the assets are sold or […]
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Looseleaf Services
Tax Looseleaf Services Using Tax Looseleaf Services CCH Standard Federal Tax Reporter (SFTR) When using the SFTR be sure to use the most recent volumes available, in this case the 2004 volumes. The SFTR is a 25-volume looseleaf service arranged by IRC section. All the entries also have assigned paragraph numbers. An entry in a…
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Lower of Cost
About Lower of Cost: Lower of Cost or Market is a conservative inventory method that reflects losses in market values but not gains. An asset is recorded at its historical cost, but the amount is written down to the asset's market value if this becomes lower than the original cost. This method canno…
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Loss Carryback
Loss Carryback is. offsetting the current year's net loss against the net income of the preceding years (currently 3 years) for tax purposes, and frequently obtaining a refund for taxes paid in previous years….
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Loss Subgroup
Loss Subgroup are. consolidated members who were affiliated in a previous group and who continue to be affiliated after joining a new group, provided that at least one member was not separate-return-limitation-year-tainted in the former group. IRC (check <a href="http://lawi.us/internal-revenue-code…
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Lottery
Lottery means:a contest that requires a purchase in order to qualify for a random drawing. Whether legal or illegal, lottery income is taxable.Lottery TaxTax on the sale of lots or on the receipt of prizes after the drawing of lots….
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Loss Group
Loss Group means:a consolidated group that is entitled to use a non-SRLY (separate return limitation year) loss carryover, has a current year loss, or has a built-in loss. Former U.S. Treasury Department Proposed Regulation (check if this Prop. Reg….
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Look-back Rule
Look-back Rule means:a method for recomputing prior-year tax liability based on the actual contract price and actual contract costs when a long-term contract is completed. Taxpayers using the percentage of completion method for reporting revenue from long-term contracts are required to use the l…