Tax

Category: L

  • Liquidation Dividend

    Liquidation Dividend means:a dividend resulting from winding up the affairs of a business, settling with its debtors and creditors, and appropriating and distributing to its shareholders a residue proportionate to the profit that was realized. See Dividend in t…

  • Lease

    Lease means:a contract or agreement in which, in return for the payment of rent, the one entitled to the possession of real property (the lessor) transfers those rights to another (the lessee) for a specified period of time. Example of Lease: <a href="http://lawi.us/tax-examples-explanations-an…

  • Lottery

    Lottery means:a contest that requires a purchase in order to qualify for a random drawing. Whether legal or illegal, lottery income is taxable.Lottery TaxTax on the sale of lots or on the receipt of prizes after the drawing of lots….

  • Loss Group

    Loss Group means:a consolidated group that is entitled to use a non-SRLY (separate return limitation year) loss carryover, has a current year loss, or has a built-in loss. Former U.S. Treasury Department Proposed Regulation (check if this Prop. Reg….

  • Lease With Option To Purchase

    Lease With Option To Purchase means:a lease that gives the lessee (tenant) the right to purchase property at an agreed-upon price under certain conditions. In general, a lease is a contract in respect of real or personal property, under which the owner of the property grants to another the right…

  • Legislative Overkill

    Legislative Overkill means:a law that is intended to plug a loophole but goes far beyond what is necessary to achieve that effect….

  • Litigation

    Litigation means:a judicial contest whose object is to determine and enforce legal rights….

  • Litigant

    Litigant means:a party actively involved in a lawsuit; a plaintiff or defendant involved in litigation….

  • Look-back Rule

    Look-back Rule means:a method for recomputing prior-year tax liability based on the actual contract price and actual contract costs when a long-term contract is completed. Taxpayers using the percentage of completion method for reporting revenue from long-term contracts are required to use the l…

  • Lobbyist

    Lobbyist means:a person retained, with compensation, by another for the specific purpose of influencing the enactment of legislation or the administration of rules, regulations, and policies. A person who represents the concerns or special interests of a particular group or organization in meeti…