Category: D

  • Deductions

    Code Sections about Deductions Sec. 67. 2-percent floor on miscellaneous itemized deductions Sec. 68. Overall limitation on itemized deductions Sec. 151. Allowance of deductions for personal exemptions Sec. 161. Allowance of deductions Sec. 211. Allowance of deductions Sec. […]

  • Depreciable Property

    Description and Definition of Depreciable Property Property with a useful life of more than one year that is used in your trade or business. Deductions are spread over the estimated useful life of the property. Resources See Also Further Reading Depreciable Property in the West's Tax Law […]

  • Debt Cancellation

    Bankruptcy and Other Debt Cancellation Issue You may find information about Bankruptcy and Other Debt Cancellation in this Tax Platform of the American Encyclopedia of Law.

  • Disposition

    Disposition means:a transaction, such as a sale, that gives rise to a gain or loss under Former IRC (check if this IRC provision is current here) §1001. Disposable Earnings and California Tax For more information about taxes in California, click here. Description and Definition of […]

  • Defined-contribution Plan

    Defined-contribution Plan Defined-contribution Plan means:a deferred retirement plan that provides a separate account for each person covered by the plan; contrast with the entry with defined-benefit pension plan. Future benefits are based only on amounts contributed to or allocated to […]

  • Dependent

    Dependent means: any person with respect to whom a taxpayer can claim a dependency exemption; defined by the Internal Revenue Code as any individual supported by the taxpayer who is related to the taxpayer in specified ways or who makes his principal abode in the taxpayer's household. A […]

  • Direct Transfer

    Description and Definition of Direct Transfer A method of moving funds directly from one retirement plan to another. With a direct transfer, you order one sponsor to transfer the funds directly to the other sponsor – you do not take possession of the funds. There is no limit on the number of […]

  • Dual-status Taxpayer

    Dual-status Taxpayer Dual-status Taxpayer means:an alien who is both a nonresident alien and a resident alien during the same tax year. Description and Definition of Dual-Status Taxpayer An alien who is a resident part of the tax year and a non-resident the other part of the tax year. […]

  • Depletion

    Depletion means:the process whereby the cost or other basis of a natural resource (such as a coal interest) is recovered upon the extraction and sale of the deposit. Method used to recover the cost of assets that diminish over time, such as oil, gas, and other natural resources. There […]

  • Deferred Compensation

    Deferred Compensation means:a plan under whose terms an employee defers payment of a portion of salary in return for the employer's promise to pay the employee the salary at some time in the future. Deferred compensation is common in the sports and entertainment industries. Former […]