Tax

Category: B

  • Beneficial Interest

    Beneficial Interest means:the equitable interest in a trust held by the beneficiary of the trust, as distinguished from the interest of the trustee, who holds legal title. Any person who, under the terms of the trust instrument, has the right to the income or principal of the trust fund has a be…

  • Blindness

    Blindness means:to qualify for the blindness standard deduction (or to receive benefits under the Social Security disability program), vision that cannot be corrected to better than 20/200 in the better eye, or a visual field of 20 degrees or less, even with corrective lenses. Vision is determin…

  • Barter

    Barter means:the trade of goods and services without the use of money. Income from a barter transaction is taxable income. Former IRC (check if this IRC provision is current here) §6045(c)(3)….

  • Blended Rate

    Blended Rate means:the time- and rate-weighted effective tax rate applied to a taxpayer who uses a fiscal tax year when the rate of tax changes. For example, the top corporate rate became 35% on January 1, 1993- A corporation with a fiscal tax year that straddles January 1, 1993, would compute i…

  • Big Six

    Big Six means:the six largest U.S. accounting firms. They do the auditing and much tax work for most major corporations, signing the auditor's certificate that appears in every annual report. In 1993 the six were, in alphabetical order, Arthur Andersen & Co., Coopers & Lybrand, Deloitte & Touche…

  • Bargain Purchase

    Bargain Purchase means:the purchase, by the shareholder of a corporation, of property owned by the corporation for less than fair market value; the difference is treated as a distribution. Example of Bargain Purchase: Learn mo…

  • Benefit Principle

    Benefit Principle means:the proposition that those who benefit from government expenditures, which are financed by taxes, should pay the taxes that finance the expenditures….

  • Binding Authority

    Binding Authority means:the principle whereby a court is required to follow its own prior decisions, as well as the rulings of any court that has appellate review of its decisions….

  • Benefit Period

    Benefit Period means, under the Medicare program, the period that begins the day a person enters a hospital and ends when he or she has been out of a hospital or skilled nursing facility for 60 consecutive days….

  • Bequeath

    Bequeath means, in a will, to make a bequest, as distinguished from a devise….