Category: B

  • Bond

    Bond means:an obligation to pay. Most federal, municipal, and corporate bonds pay interest twice a year (semiannually). Interest on municipal bonds is generally nontaxable for federal income tax purposes and in the municipality of issue. Interest on federal government bonds is taxable […]

  • Basis

    Basis means:an amount usually representing the taxpayer's cost in acquiring an asset. It is used for a variety of tax purposes, including computation of gain or loss on the sale or exchange of the asset and depreciation with respect to the asset. Former IRC (check if this IRC […]

  • Bme

    Bme Issue You may find information about Bme in this Tax Platform of the American Encyclopedia of Law.

  • Bank Reconciliation

    Description and Definition of Bank Reconciliation A bank reconciliation is a verification of a bank statement balance against the depositor's check book balance. Resources See Also Further Reading Bank Reconciliation in the West's Tax Law Dictionary Bank Reconciliation in "A […]

  • Budget

    Description and Definition of Budget An itemized listing of the amount of all estimated revenue and the amount of all estimated costs and expenses that will be incurred in obtaining the revenue during a given period of time for a business. A budget is typically for one business cycle, such as […]

  • Buying on Margin

    Description and Definition of Buying on Margin Purchasing securities with borrowed money. Resources See Also Further Reading Buying on Margin in the West's Tax Law Dictionary Buying on Margin in "A Dictionary of Taxation"

  • Book Value

    Book Value means:the value of individual assets, calculated as actual cost less allowances for any depreciation. Book value may be much more or less than current fair market value. Example of Book Value: Learn more about tax examples, explanations and calculations here. X Corporation […]

  • Below Market Rate Loans

    Description and Definition of Below Market Rate Loans These are loans that are made at an interest rate that is below the prevailing market rate. Under certain circumstances the IRS imputes a higher interest rate. This can create additional taxable interest income even if you didn't […]

  • Board of Directors

    Description and Definition of Board of Directors A group of people elected by the stockholders to set overall corporate policy and supervise the corporation's executives. The Board of Directors tries to maintain the corporation in good financial health and return to the stockholders a […]

  • Business Expenses

    Description and Definition of Ordinary and Necessary Business Expenses A legal requirement for the deductibility of a business expense. Business expenses must be ordinary and necessary to be fully deductible as current expenses, as opposed to unreasonable expenses. Resources See Also Further […]