Category: M
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Mortgage Bond
Mortgage Bond means:a tax-exempt security sold by municipal and state authorities for the purpose of providing low-interest-rate mortgage loans to qualified individuals. For most programs, mortgage borrowers must be first-time homebuyers with moderate income. The Tax Reform Act of 1986 restricts…
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Millage Rate
Millage Rate means:a tax rate applied to property. Each mill represents $ 1 of tax assessment per $1,000 of assessed property value. Example of Millage Rate: Learn more about tax examples, explanations and calculations here</a…
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Multiple Retirement Ages
Multiple Retirement Ages means:an arrangement under Social Security whereby an employee can retire at specific ages and receive benefits without reduction, or receive reduced benefits subject to a penalty. These ages can be classified as follows: 1. Normal Retirement. The earliest time at which …
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Modified Three-factor Formula
Modified Three-factor Formula means:an apportionment formula used in about 15 states; the sales factor is assigned a double weight. See also other Tax Terms and Definitions in U.S.A. three-factor apportionment formula….
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Medical Expense Deduction
Medical Expense Deduction means:an allowable itemized deduction by an individual for unreimbursed payments for medical care, prescription drugs, and medical insurance premiums. The deduction is limited to the amount that exceeds 7.5% of the taxpayer's <a href="http://lawi.us/Adjusted-gross-incom…
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Merger
Merger means:an A type reorganization, in which one corporation absorbs the corporate structure of another, resulting in liquidation of the acquired enterprise. If no boot is received, the reorganization is tax free.Term generally used to describe a number of operations involving the reorganizat…
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Mortgage
Mortgage means:a written instrument that creates a lien upon real estate as security for the payment of a specified debt. Example of Mortgage: Learn more about tax examples, explanations and calculations here. Lowry wants…
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Multitiered Partnerships
Multitiered Partnerships means:an ownership form in which one partnership (the parent) is a partner in one or more partnerships (the subsidiaries). For example, the first- tier partnership may be a holding partnership, and the second-tier partnerships might be operating partnerships. The charact…
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Mortgage Subsidy Bond
Mortgage Subsidy Bond means:an obligation issued by a state or local government before August 16, 1986; 5% or more of the proceeds were used for mortgages on owner-occupied residences. Interest received on these bonds is not tax exempt unless the bond income meets the requirements for a qualifie…
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Materiality
Materiality means:an item of importance, of significance. See also other Tax Terms and Definitions in U.S.A. terms beginning with substantial or substantially….