Tax

Category: L

  • 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 …

  • Life Expectancy Tables

    The Life Expectancy Tables are. the unisex U.S. Internal Revenue Service (IRS) actuarial tables used for annuity contracts after June 30, 1986 (Tables V-VIII). Prior male-female tables (Tables I-IV) are used when the entire investment in a…

  • Levy

    Levy may have one of the following meanings, depending the context of the term: 1. (v.) to assess, as to levy a tax. 2. (N.) the seizure, as of land or other property or rights, through lawful process or by force (e.g, by the collection division of the U.S. Internal Revenue Service). IRC (check <a…

  • Limited Liability

    Limited Liability means:the restriction of a person's potential losses to the amount invested; the absence of personal liability. Liability of investor which is limited to the extent of his investment. Generally, a taxpayer cannot deduct tax losses in excess of the amount he or she stands to los…

  • Limited Partnership

    Limited Partnership means:an entity in which one or more persons, with unlimited liability, called general partners, manage the partnership, while one or more other persons contribute only capital. The latter group of partners, called limited partners, have no right to participate in the managem…

  • Loophole

    Loophole means:a technicality making it possible to circumvent a law's intent without violating its letter. For instance, a tax shelter may exploit a loophole in the tax law.U.S. and other Developed Countries International Tax MeaningOpportunities available in tax law to minimize a taxp…