Category: B
-
Break-even Point
Description and Definition of Break-even Point The point at which revenues and costs are equal. Resources See Also Further Reading Break-even Point in the West's Tax Law Dictionary Break-even Point in "A Dictionary of Taxation"
-
Burden of Proof
Burden of Proof means:the duty of a plaintiff, at the beginning of a tax trial, to make a prima facie showing of each fact necessary to establish the existence of a cause of action. In general, the burden of proof is on the taxpayer in a civil tax case and on the U.S. Internal Revenue…
-
Bargain Sale to Charity
Description and Definition of Bargain Sale to Charity The sale of property to a charity at a price that's less than the fair market value. Under certain circumstances this may result in a tax deduction or taxable income to you. If the property has appreciated in value you must allocate […]
-
Bankruptcy
Bankruptcy means:a state of insolvency of an individual or an organization, that is, an inability to pay debts. Two kinds of bankruptcy under U.S. law are: (1) Chapter 7, or involuntary, when one or more creditors petition to have a debtor judged insolvent by a court, and (2) Chapter 11, […]
-
Bona Fide Foreign Resident
Bona Fide Foreign Resident means:a person living in a foreign locality for an entire taxable year and meeting a number of judicial criteria. Such a person is eligible to exclude foreign- source income under Former IRC (check if this IRC provision is current here) §911(d). See also […]
-
Bond Adjustment
Description and Definition of U.S. Savings Bond Adjustment An adjustment to your taxable interest on Schedule B for any interest on U.S. Savings Bonds that you have already reported and paid tax on as the interest was earned. Resources See Also Further Reading U.S. Savings Bond Adjustment in […]
-
Business Asset
Description and Definition of Business Asset An asset held for business purposes, such as a car, computer equipment, or office furniture. Business assets are depreciable over a period of years. Assets such as office supplies, small hand tools, and general supplies are not business assets and […]
-
Backup Withholding
Backup Withholding means:the procedure used to ensure that federal income tax is paid on earnings even though the recipient cannot be identified by a Social Security number. Banks, brokers, and other entities report nonwage earnings paid out on U.S. Internal Revenue Service (IRS) Former […]
-
Borrower
Borrowers Certificate Issue You may find information about Borrowers Certificate in this Tax Platform of the American Encyclopedia of Law.
-
Business
Business Tax Law Business General Information Business Entertainment Expenses Business Income Business Travel Expenses Business Use of Car Business Use of Home Business Use of Home – Is It Deductible? Business Use of Home – Taxes and Interest Principal Business Activity Codes Partnership / 1065 2005 1065 K-1 instructions Basis Limitations for K-1 Losses Dispositions…