Category: G
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Grantor-retained Annuity Trust
About Grantor-retained Annuity Trust: Grantor-retained Annuity Trust (GRAT) is a trust in which the grantor retains a qualified annuity interest. A GRAT provides for a guaranteed fixed income payment based on the value of the assets at the time they are initially transferred to an irrevocable trust….
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General Depreciation System
About General Depreciation System: General Depreciation System (GDS) is the main system for depreciation under the modified accelerated cost recovery system. GDS permits the use of the declining- balance method over a shorter recovery period than the alternative depreciation system. See <a href="htt…
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Gas Lease
About Gas Lease: An Oil and Gas Lease is an agreement that conveys the right to explore for oil, gas, and sometimes other minerals and to extract them from the ground. Provisions include the granting of subsurface and surface rights, lease duration, extension terms, royalties, treatment of surface d…
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Guarantor
About Guarantor: GUARANTOR a person who guarantees, endorses, or provides indemnity agreements with respect to debts owed to others. Any losses are deductible when sustained….
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Gramm-rudman-hollings Amendment
About Gramm-rudman-hollings Amendment: federal legislation passed in 1986 that sets budget deficit goals and mandates a reduction in federal expenditures if Congress does not meet the annual goals. see Tax Code in the U.S. Encyclopedia and <a href="http://lawin…
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Guardianship Expenses
Guardianship Expenses are. deductible expenses for the services of a minor's guardian. Former Tax Regulation (check if this Reg. is current here) §1.212-l(j)….
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General Business Credit
General Business Credit means:a combination of the alcohol fuels credit, disabled access credit, enhanced oil recovery credit, investment tax credit, low-income housing credit, research and experimental credit, and targeted jobs credit. Former IRC (check <a href="http://lawi.us/internal-revenue-…
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Government Cost-of-living Allowance
Government Cost-of-living Allowance means:a benefit generally not included in the income of federal civilian employees. Allowances and differentials that increase basic pay as an incentive for taking a less desirable post of duty are includable in taxable income. see <a href="http://lawi.us/Gove…
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Gift Deed
Gift Deed means:a deed for which the consideration is love and affection, and no material consideration is involved. A gift deed may be subject to the federal gift tax….
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G-type Reorganization
G-type Reorganization means:a court-approved reorganization of a debtor corporation. A transaction will qualify as a tax-free G-type reorganization if: 1. a corporation transfers all or part of its assets to an acquiring corporation, 2. the transfer is made under a Chapter 11 bankruptcy case, an…