Category: L
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Legal Exchange Information Service
About Legal Exchange Information Service: Legal Exchange Information Service (LEXIS) is an on-line database for legal research (after was Lexis-Nexis); its resources include the Federal Tax Library, which contains the full text of the Internal Revenue Code, as well as regulations, revenue rulings, a…
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Loss Carryback
Loss Carryback is. offsetting the current year's net loss against the net income of the preceding years (currently 3 years) for tax purposes, and frequently obtaining a refund for taxes paid in previous years….
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Loss Subgroup
Loss Subgroup are. consolidated members who were affiliated in a previous group and who continue to be affiliated after joining a new group, provided that at least one member was not separate-return-limitation-year-tainted in the former group. IRC (check <a href="http://lawi.us/internal-revenue-code…
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Luxury Automobile
About Luxury Automobile: for purposes of listed property depreciation limitations, any four-wheeled vehicle manufactured for use on public streets and highways, with an unloaded gross weight of 6,000 pounds or less and a cost of $13,800 or more (as of 1992). In the case of luxury cars, there are spe…
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Lessee
Lessee is. one who has the right to use property owned by another; same as tenant….
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Lien
Lien means:a charge or legal claim against property, making it security for the payment of a debt, judgment, mortgage, or taxes; it is a type of encumbrance. A specific lien is against certain property only. A general lien is against all the property owned by the debtor. IRC (check <a href="http…
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Landmark Decision
Landmark Decision means:a case that sets an important precedent….
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Law
Law may have one of the following meanings, depending the context of the term: 1. the legislative pronouncement of rules to guide an individual's actions in society (e.g., the Internal Revenue Code of 1986). 2. the total of the rules of conduct put into force by legislative authority or court decisi…
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Liability
Liability may have one of the following meanings, depending the context of the term: 1. money owed. 2. an obligation to do or refrain from doing something. liabilities may be treated as money, as under the Crane doctrine. See also other Tax Terms and Definitions in U.S.A. personal liability. A lega…
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Leverage
Leverage may have one of the following meanings, depending the context of the term: 1. in general, the use of borrowed funds to increase purchasing power and, ideally to increase the profitability of an investment business. 2. for taxes, debt in relation to equity in a firm's capital structure. Exce…