Category: G
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Grantor Trust
Grantor Trust means:a trust that has beneficiaries other than the grantor but, because interests or certain powers over the trust, are retained, all income of the trust is taxed to the grantor. Former IRC (check if this IRC provision is current here) §§671-677. Description and […]
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Gift
Gift means:the voluntary transfer of property made without financial consideration; that is, no value is received in return. Each donor may give $10,000 annually to each donee without affecting the $600,000 lifetime exemption of property passing from an estate. Married persons may […]
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Group Life Insurance
Group Life Insurance means:a basic employee benefit Under which an employer buys a master policy and issues to employees certificates denoting participation in the plan. Group life is also available through unions and associations. It is usually issued as yearly renewable term insurance […]
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Gross Profit Percentage
Description and Definition of Gross Profit Percentage The percentage of payments that you receive, such as from installment sales or annuities, which is from your profit, gains, or investment earnings. Resources See Also Further Reading Gross Profit Percentage in the West's Tax Law […]
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Gift Tax
Gift Tax means:a graduated excise tax levied on the donor of a gift by the federal government and most state governments when assets are passed from one person to another. To prevent people from avoiding the estate tax by giving their property away, the law includes a gift tax. A […]
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Generally Accepted Accounting Principles
About Generally Accepted Accounting Principles: Generally Accepted Accounting Principles (GAAP) are conventions, rules, and procedures that define accepted accounting practice, including broad guidelines as well as detailed procedures. Tax law frequently requires different treatment for an […]
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Guaranteed Payments
The Guaranteed Payments are. payments to a partner by a partnership that are determined without regard to partnership income and are for the use of that partner's capital. Former Tax Regulation (check if this Reg. is current here) §1.707-4(a)(l)(i). Description and Definition of […]
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Garnishment
Description and Definition of Garnishment Monies withheld from your pay and remitted to a creditor. Garnishments withheld from your pay are taxable income to you even though you didn't get the money. Resources See Also Further Reading Garnishment in the West's Tax Law Dictionary […]
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Gambling
Gambling Income and Expenses Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings on line 21. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. […]
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Gross Income
Gross Income means:the total of a taxpayer's income from any source, except items specifically excluded by the Internal Revenue Code and other items not subject to tax. Former IRC (check if this IRC provision is current here) §61. See Gross Income and Gross Income. Money, goods, […]