Tax

Category: M

  • Mortgage Credit Certificates

    About Mortgage Credit Certificates: The Mortgage Credit Certificates (MCCS) are Certificates that entitle homebuyers to nonrefundable income tax credits for a specified percentage of the interest paid on mortgage loans on their principal residences. Governmental units may exchange annual private act…

  • Michigan Education Trust

    About Michigan Education Trust: The Michigan Education Trust (MET) is an arrangement under which individuals pay certain actuarially determined amounts, which are invested by the state; in return, the MET guarantees the college tuition of every beneficiary at a Michigan state-operated university or …

  • Marginal Gas Production

    About Marginal Gas Production: Marginal Oil and Gas Production means the production of oil and gas from stripper wells and heavy oil. Such marginal production has a depletion rate of 15%, increased by 1 percentage point for each dollar by which the acreage wellhead per barrel of oil, as determined b…

  • Medicare Continuation

    Medicare Continuation is. one of four specific incentives under the Social Security disability program to encourage disabled workers to return to work. Under this incentive, the disabled worker's Medicare coverage will continue for 39 months beyond the trial work period. If the Medicare coverage sto…

  • Member of Household

    About Member of Household: for purposes of the dependency exemption, a person who has lived with the taxpayer for the entire tax year….

  • Marital Status

    Marital Status is a legal term that. refers to the type of return filed: single, joint, married filing separately, or head of household. Different tax rates apply to the different marital statuses. See filing status. See Tax Rate and <a href="http://lawin.org/t…

  • Marital Deduction Trust

    Marital Deduction Trust is a legal term that. refers to the creation of a trust from which a spouse is entitled to the lifetime income and over which the spouse has enough control to make the corpus includable in his or her gross estate at death. Funding the trust to $600,000 allows a total of…

  • Majority Shareholder

    Majority Shareholder is. one of the shareholders who together control more than half the outstanding shares of a corporation….

  • Midnight Deadline

    Midnight Deadline means:a completion requirement ending at midnight, which marks the end of a calendar day (such as April 15 for personal tax returns)….

  • Mortality Table

    Mortality Table means:a chart showing the rate of death at each age in terms of the number of deaths per thousand. See Inheritance Tax and Inheritance Tax….