Category: E
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Estate Tax Payable
Estate Tax Payable means:the amount that results from deducting the following from the tentative estate tax: (1) the unified credit, (2) state death taxes, (3) gift taxes paid on gifts made before 1977, (4) foreign death taxes, and (5) estate taxes on prior transfers to the decedent from the est…
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Employee Achievement Award
Employee Achievement Award means:tangible personal property given as an award to an employee for length of service, productivity, or safety achievement. After 1986, an employer may exclude an employee achievement award from the employee's income only if the employer may deduct the award. To be d…
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Earnings Before Taxes
Earnings Before Taxes means:sales revenues less cost of sales, operating expenses, and interest, before taxes have been paid.U.S. and other Developed Countries International Tax MeaningSales revenue less cost of sales, operating expenses, and interest, before taxes have been paid….
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Exchanged-basis Property
Exchanged-basis Property means:property having a basis determined by reference to the basis of other property held at any time by the person for whom the basis is to be determined. An example is the basis determined in a like-kind exchange or an involuntary conversion. Former IRC (check <a href=…
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Embezzlement
Embezzlement means:the fraudulent appropriation, for one's own use, of property lawfully in one's possession; a type of larceny. Embezzlement is often associated with bank employees, public officials, or officers of organizations, who may in the course of their lawful activities come into posses…
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Effective Date
Effective Date means:the date on which a new tax provision takes effect; often the date when the provision was first submitted to the House Ways and Means Committee, or when it was signed into law by the president. Former IRC (check if t…
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Economic Accrual of Interest
Economic Accrual of Interest means:the cost of an indebtedness for a given period. The amount of interest payable for the use of money for a given period is determined by multiplying the interest rate for that period by the unpaid balance of the loan, which includes any prior accrued but unpaid …
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Estimated Useful Life
Estimated Useful Life means:the period of time over which an asset will be used by a taxpayer. In theory, depreciable assets are written off over the estimated useful life of the asset for depreciation purposes. However, more recent tax laws have used artificial recovery periods that are unrelat…
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Examination Division
Examination Division means:the part of the U.S. Internal Revenue Service that selects returns for audit and conducts the audit….
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Entity
Entity means:the legal form under which property is owned. The benefits and risks of owning a business or property may vary depending on the entity that is formed. Options include a corporation or an S corporation, individual ownership, a joint venture, a limited partnership, a partnership, and …