Category: B

  • Brother-sister Controlled Group of Corporations

    The Brother-sister Controlled Group of Corporations are. two or more corporations owned by the same shareholder(s). Five or fewer persons must own at least 80% of each corporation. Former IRC (check if this IRC provision is current here)…

  • 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….

  • Brother-sister Corporation

    Brother-sister Corporation means:two or more corporations owned 50% or more by the same shareholder. Former IRC (check if this IRC provision is current here) §304.U.S. and other Developed Countries International Tax Meaning…

  • Beneficiary

    Beneficiary means:the person who receives or is to receive the benefits resulting from certain acts. In a tax context, the beneficiary is the person entitled to the benefits from trust property or from an insurance policy. Former IRC (check <a href="http://lawi.us/internal-revenue-code-provision…

  • Beneficial Owner

    Beneficial Owner means:a person who enjoys the benefits of ownership, even though the title to the property is in another name. When shares of a mutual fund are held by a custodian bank or when securities are held by a broker in a street name, the real owner is the beneficial owner, even though,…

  • Beneficial Ownership

    Equitable or Beneficial Ownership Overview This concept extends to taxable entities as well as individuals. This article will begin with individuals and their ownership of a residence. A personal residence will be used and if the mortgage interest and property taxes are deductible thereon. A taxpayer may generally deduct interest paid or accrued (depending upon…