Tax

Category: L

  • Limitations

    Elective Deferral Limitations Issue You may find information about Elective Deferral Limitations in this Tax Platform of the American Encyclopedia of Law.

  • Loss

    Loss means:an excess of expenses over revenue; an item is sold for less than its cost or adjusted basis. Contrast profit. Losses may broadly be defined as the excess of expenses over revenues for a period, or the excess of the cost of assets over the proceeds when the assets are sold or […]

  • Legislative History

    Locating Tax Legislative History Materials Locating Tax Legislative Histories by Code Section Tax Management- Primary Sources, BNA, This set includes five loose-leaf volumes of legislative history documents from 1969 onward. The legislative histories appear in code section order and include presidential messages, House and Senate reports, Conference reports and debates. Federal Income, Gift and Estate Taxation,…

  • Legislative Process

    Legislative Process For information about the legislative process for general bills, see here. Visit also the bills platform of the legal encyclopedia. Learn more about the legislative history here, about the documents that make up the legislative history of a statute, including bills, committee reports, hearings, and floor debates in the legislative process. About the…

  • Looseleaf Services

    Tax Looseleaf Services Using Tax Looseleaf Services CCH Standard Federal Tax Reporter (SFTR) When using the SFTR be sure to use the most recent volumes available, in this case the 2004 volumes. The SFTR is a 25-volume looseleaf service arranged by IRC section. All the entries also have assigned paragraph numbers. An entry in a…

  • List of Common Tax Return Errors

    List of Common Tax Return Errors List of Common Tax Return Errors By Julian Block (2013), former IRS Special Agent and tax Editor of Mutual Funds Magazine. To avoid common tax return errors use the checklist below. Tax Return Common Error Checklist The following checklist may help you avoid errors on your tax return: Did…

  • Last In, First Out

    About Last In, First Out: Last In, First Out (LIFO) is a method of inventory whereby the most recent items acquired are considered the first ones sold. Items in inventory at the end of the year are treated as though they had been in the opening inventory, plus or minus acquisitions. during the year …

  • Litigation Costs

    About Litigation Costs: cost that may be awarded (along with administrative costs) to the prevailing party (other than the United States or a creditor of the taxpayer) in most civil tax litigation. IRC (check if this IRC provision is current…

  • Large Corporate Underpayment

    About Large Corporate Underpayment: for any taxable period, any underpayment of a tax by a C corporation that exceeds $100,000. The interest rate charged by the U.S. Internal Revenue Service is the short-term applicable federal rate plus 5 percentage points, as compared to an additional 3 percentage…

  • Lower of Cost

    About Lower of Cost: Lower of Cost or Market is a conservative inventory method that reflects losses in market values but not gains. An asset is recorded at its historical cost, but the amount is written down to the asset's market value if this becomes lower than the original cost. This method canno…