Tax

Category: G

  • Gift In Contemplation of Death

    Gift In Contemplation of Death means:a gift made within 3 years before the date of a decedent's death. The amount of gift tax paid on such gifts is added to the fair market value of the decedent's gross estate. Former IRC (check if this …

  • Geothermal Deposit

    Geothermal Deposit means:a geothermal reservoir consisting of natural heat stored in rocks or in an aqueous liquid or vapor (whether or not under pressure) a geothermal deposit is subject to 15% percentage depletion method….

  • General Utilities Doctrine

    General Utilities Doctrine means:a nonrecognition concept providing that a corporate distribution of property to the shareholders produced neither a gain nor a loss to the distributing corporation. The shareholders were taxed on the gain. This concept was eroded after its introduction in a 1935 …

  • Gift Spotting

    Gift Spotting means:a misnomer inasmuch as gift splitting is a process whereby a husband and wife may combine their annual gift tax exclusions and unified estate and gift tax credits. For example, a husband and wife may consent to jointly give a child $20,000 annually by combining their individu…

  • Gambling Loss

    Gambling Loss means:a loss incurred in gambling that may be offset against gambling income. Any loss in excess of gambling income is not deductible. Former IRC (check if this IRC provision is current here) §165….

  • General Power of Appointment

    General Power of Appointment means:a power under which the holders of a property have the right to dispose of it in favor of (1) themselves, (2) their estate, (3) their creditors, or (4) the creditors of their estate. A trust grantor is treated as the owner and is therefore taxed on trust income…

  • Group Legal Services Plan

    Group Legal Services Plan means:a plan under which the legal services provided or the amounts paid for them are tax free. Also, employer contributions to a qualified group legal services plan are deductible by the employer and excludable from the gross income of the employee. Former IRC (check <…

  • Grantor

    Grantor means:a person who gives a deed or creates a trust. Grantors include: • an individual (former) owner. • a bankruptcy trustee. • a guardian for an incompetent. • an individual who places his or her assets in a trust….

  • Grace Period

    Grace Period means:a period of time, specified in certain tax provisions, to allow for certain deductions, elections, or other events. The period following the due date of taxes during which legal action for recovery of delinquent taxes will not be instituted and interest will not commence to ru…

  • Gas Balancing Agreement

    Gas Balancing Agreement means:a standard attachment to most common forms of joint operating agreements in the gas industry setting forth the owners' agreement for the balancing of production in the event that one owner is able to sell more gas than the other owners, thereby creating imbalances. …