Tax

Category: B

  • Big Tax

    Big Tax means:the built-in gain tax on an S corporation….

  • Business Combination

    Business Combination means:the bringing together of a company and one or more other incorporated or unincorporated businesses into a single accounting entity that then carries on the activities of the separate entities. See consolidation….

  • Book Income

    Book Income means:the amount of profit reflected on a company's records. Book income may differ significantly from taxable income because of income or expenses that are included in one but not the other, or differences caused by accounting method (cash or accrual basis)….

  • Book Inventory

    Book Inventory means:stock in hand according to recorded figures. See also other Tax Terms and Definitions in U.S.A. physical inventory….

  • Book Depreciation

    Book Depreciation means:same as depreciation. See Depreciation in the United States Encyclopedia of Law and Depreciation in the World Encyclopedia of Law….

  • Bond Discount

    Bond Discount means:the difference between a bond's current market price and its higher face value or maturity value. A bond may be issued at a discount, or a discount may result from a general interest rate increase or an increased risk of default. A buyer who acquires a taxable bond at an orig…

  • Backdating

    Backdating means:the dating of any statement, document, check, or other instrument by a date earlier than the one on which the instrument was drawn. The practice is considered fraudulent by the IRS….

  • Base Amount

    Base Amount means:the lower of two tiers used to determine whether a taxpayer who receives Social Security payments must pay tax on part of the payments. The base amount is $32,000 for a married couple filing a joint return, zero for a married taxpayer filing a separate return, and $25,000 for a…

  • Board of Tax Appeals

    Board of Tax Appeals means:the forerunner of the U.S. Tax Court. The BTA was a trial court that considered federal tax matters….

  • Burnout

    Burnout means:the exhaustion of a tax shelter's benefits when an investor starts to receive income from the investment, perhaps in excess of the cash flow. This income must be reported to the U.S. Internal Revenue Service, and taxes paid on it….