Category: M
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Minimum Participation Requirement
Minimum Participation Requirement means:the requirement of a minimum age or completion of a minimum period of service before an employee can participate in a retirement plan….
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Malpractice
Malpractice means:improper or immoral conduct of a professional in the performance of his duties, done either intentionally or through carelessness or ignorance; commonly applied to accountants, tax preparers, and lawyers to denote negligent or unskillful performance of duties where professional…
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Minimum Tax
About Minimum Tax: In certain countries or jurisdictions, companies or corporations are always liable to a certain amount of annual tax, regardless of whether they have realized a profit. See alternative minimum tax….
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Market Value
About Market Value: The price that could be obtained if a property were sold under competitive, open-market conditions. Assessors are required to value your property at 100% of market value. See fair market value….
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Multiple Trusts
The Multiple Trusts are. two or more trusts, treated as one if they have substantially the same grantor(s) and substantially the same beneficiary or beneficiaries, and if one of the principal purposes for the existence of multiple trusts is the avoidance of federal income tax. A husband and wife are…
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Mirror Corporations
The Mirror Corporations are. twin corporations resulting from a vertical split of a corporation. A mirror subsidiary results from dividing one corporation into a parent and subsidiary, both in the same business….
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Mortgage Assistance Payments
The Mortgage Assistance Payments are. payments that are not taxable income. Conversely, a taxpayer whose mortgage is paid for him or her by mortgage assistance payments cannot take a deduction for the interest expense. Section 236 of the National Housing Act….
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Majority Interest Partners
The Majority Interest Partners are. partners who own a greater than 50% interest in the partnership capital and profit. If the majority interest owners do not have the same tax year end, a partnership must adopt the same tax year end as its principal partners….
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Medical Care
The Medical Care are. amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, or for the purpose of affecting any structure or function of the body, for transportation for and essential to such medical care, and medical insurance premiums. IRC (check <a href="http://la…