Tax

Category: E

  • 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…

  • Exchange Group

    Exchange Group means:transferred assets that can be matched with one or more exchanged assets of like kind or class in a Section 1031 transaction (like-kind exchange)….

  • Earned Surplus

    Earned Surplus means:the term formerly used for retained earnings….

  • Escheat

    Escheat means:the reversion of property to the state in the event that the owner dies without leaving a will and has no legal heirs….

  • Effective Tax Rate

    Effective Tax Rate means:the rate at which a taxpayer would be taxed if his or her tax liability were taxed at a constant rate rather than progressively. The effective tax rate is computed by determining what percentage the taxpayer's tax liability is of his or her total taxable income. See aver…

  • Exemption Phase-out

    Exemption Phase-out means:the phasing out of the amount that can be claimed as a deduction for personal exemptions. This phase-out occurs as Adjusted Gross Income (AGI) rises above a certain level, determined by filing status as follows (for 19…

  • Expatriate

    Expatriate means:a nonresident alien who lost U.S. citizenship within the 10-year period preceding the close of the tax year and had as one of his or her principal purposes the avoidance of taxes. Persons who have left their country and live abroad. The expatriate is still subject to U.S. taxati…

  • Extractors

    The Extractors are. U.S. Internal Revenue Service personnel who remove tax returns from envelopes and hand-sort them….

  • Employee Contributions

    The Employee Contributions are. premiums paid by workers to a contributory employee benefit plan….

  • Excess Benefits

    About Excess Benefits . Excess Benefits of Section 72(m)(5) are payments for a qualified pension plan, profit- sharing plan, or stock bonus plan or a qualified annuity plan to a 5% owner, former 5% owner, or successor of a 5% owner that exceed the benefits provided for that individual under the plan…