Category: L

  • Local Tax

    Description and Definition of Local Tax Your local county, town or city may impose tax to operate services such as garbage pick-up, water treatment, and street-cleaning. Resources See Also Further Reading Local Tax in the West's Tax Law Dictionary Local Tax in "A Dictionary of […]

  • Like Kind Exchange

    Description and Definition of Like Kind Exchange The tax deferred exchange of property used in a business or held for investment – not including securities and indebtedness or interests such as stocks and bonds – that is similar to another for which it has been exchanged. The definitions of […]

  • Long-Term Liabilities

    Description and Definition of Long-Term Liabilities Liabilities of a business that are due in more than one year. Resources See Also Further Reading Long-Term Liabilities in the West's Tax Law Dictionary Long-Term Liabilities in "A Dictionary of Taxation"

  • Lifetime Learning Credit

    Description and Definition of Lifetime Learning Credit A tax credit of up to $1,000 a year for qualified post-secondary and job-training educational expenses. Resources See Also Further Reading Lifetime Learning Credit in the West's Tax Law Dictionary Lifetime Learning Credit in "A […]

  • Legally Separated

    Description and Definition of Legally Separated Married couples living apart under a court order or separate maintenance agreement. Payments under the decree are deductible by the payer and taxable to the payee as alimony. Resources See Also Further Reading Legally Separated in the West's […]

  • Lump-sum Distribution

    The Lump-sum Distribution are. payment at one time, rather than in installments, of the entire amount of retirement benefits due. The payment within one year of the full amount of your interest in a pension or profit-sharing plan. See also five-year averaging; ten-year averaging subject to […]

  • Luxury Automobile Limits

    Description and Definition of Luxury Automobile Limits A ceiling limiting the annual depreciation deductions for autos used for business. Resources See Also Further Reading Luxury Automobile Limits in the West's Tax Law Dictionary Luxury Automobile Limits in "A Dictionary of […]

  • Land

    Land means:real estate or real property, or any tract that may be conveyed by deed. Land is not subject to depreciation. Generally, the sale of land by anyone other than a dealer results in a capital gain or capital loss. However, if the land is improved by roads, utilities, or other […]

  • Listed Property

    Listed Property means:automobiles, computers, and cellular phones that are subject to the 50% business use test. "Listed property" is the term used for depreciable assets that Congress has put on a special list for special scrutiny by the IRS. If listed property is used […]

  • Limited Partner

    About Limited Partner: Limited (special) Partner is, within a limited partnership, a part owner whose liability is limited to the amount invested and whose role in business management is restricted. Tax law generally treats income or loss from limited partnerships as passive income (loss), […]