Tax

Category: L

  • Lessor

    Lessor means:the owner of property that is leased to a tenant; same as landlord. See also other Tax Terms and Definitions in U.S.A. lease; rent….

  • Life Expectancy Multiple

    Life Expectancy Multiple means:the life expectancy of a person in the form of a multiple in U.S. Internal Revenue Service (IRS) actuarial tables. The multiple times the annual payment yields the expected return. Example of Life Expect…

  • Liquidating Distributions

    Liquidating Distributions means:the distributions made by a corporation to shareholders during partial or complete liquidation of the corporation. A liquidating distribution is not taxable to the shareholder until his or her basis is recovered. After the basis in the stock is reduced to zero, th…

  • Legacy

    Legacy means:the disposition by will of personal property. See also other Tax Terms and Definitions in U.S.A. bequest….

  • Leasehold Costs

    Leasehold Costs means:the costs of purchasing and maintaining a mineral lease, not including intangible drilling and development costs. Leasehold costs are capitalized as part of the cost of the property….

  • Liquidate

    Liquidate means:to settle; to determine the amount due and extinguish the indebtedness. Although the term more properly signifies the adjustment or settlement of debts, to liquidate often means to pay. See also other Tax Terms and Definitions in U.S.A. liquidation….

  • Level Playing Field

    Level Playing Field means:to reduce, by means of tax policy, the differences in marginal or effective corporate tax rates between the least and the most favored industries or between the United States and foreign competitors.U.S. and other Developed Countries International Tax MeaningTh…

  • Levels of Appeal

    Levels of Appeal means:the various steps available to a person who disagrees with a Social Security Administration decision on a disability claim; they apply to other types of claims as well. The four usual levels of appeal are reconsideration, hearing, appeals council, and U.S. District Court….

  • Long-term Gain

    Long-term Gain means:the profit (loss) on securities or capital assets and Section 1231 assets when the interval between purchase and sale is longer than 12 months. A net long-term capital gain (LTCG) is taxed at a maximum of 28% for individuals. Only up to $3,000 of a net long-term or short-ter…

  • Limited Liability Company

    About Limited Liability Company: in most states, a form of organization that may be treated as a partnership for federal tax purposes and that has limited liability protection for the owners at the state level. Business form that combines the flexibility and tax advantages of a partnership with the …