Category: D
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De Novo
About De Novo: afresh; anew; denoting a second look at the facts by a trial court….
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Disabled Credit
About Disabled Credit: Elderly Or Disabled (Tax) Credit is a maximum allowable credit of up to $1,125 (15% of $7,500), based on the filing status of an elderly or disabled taxpayer. Social Security benefits and Adjusted Gross Income in excess of a …
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Delayed Exchange
About Delayed Exchange: Delayed (tax-free) Exchange is a transaction in which a property is traded for the promise to provide a replacement like-kind property in the near future. The Tax Reform Act of 1984 allows investment property or productive property used in a trade or business to be sold with …
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Defendant
About Defendant: Defendant (respondent) is the party being sued in an action at law. In many tax disputes, the U.S. Internal Revenue Service is the defendant and the taxpayer is the plaintiff or petitioner. If the government petitions a higher court, however, the <a href="http://lawi.us/internal-rev…
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Determination Date
About Determination Date: for purposes of a top-heavy qualified plan, the last day of the preceding plan year or, in the case of the first plan year, the last day of that plan year. Former IRC (check if this IRC provision is current here…
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Destination State
About Destination State: for multistate corporations, the state where a product is sold. See throwback rule….
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Deferred Contribution Plan
About Deferred Contribution Plan: arrangement whereby an unused deduction (credit carryover) to a profit-sharing plan can be added to an employer's future contribution on a tax-deductible basis. It occurs when the employer's contribution to a profit-sharing plan is less than the annual 15% of employ…
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Deferred Income
About Deferred Income: Term used to describe income which will be realized at a future date, thus delaying any tax liability. See unearned income….
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Direct Skip
Direct Skip is used. with respect to the generation-skipping tax (GST), a transfer that is subject to the estate or gift tax and is made to or in trust for the benefit of a skip person. For example, if a grandmother makes an outright taxable gift to a granddaughter, this transfer would be subject to…
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D-type Reorganization
D-type Reorganization is. one of two types of nontaxable reorganizations: 1. A transferor corporation (A) shifts substantially all of its assets to a controlled corporation (B), followed by a complete liquidation of the transferor corporation. In other words, any remaining assets of A corporation an…