Category: N
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Nominee Dividends
Description and Definition of Nominee Dividends Dividends received on behalf of another person. If your name and taxpayer identification number are on an account but all or part of the income actually belongs to someone else you must file Form 1099-DIV and the other person must report the […]
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Notices
Notices Overview A notice is a public pronouncement that may contain guidance that involves substantive interpretations of the Internal Revenue Code or other provisions of the law. For example, notices can be used to relate what regulations will say in situations where the regulations may not be published in the immediate future. “The IRS issues…
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News Releases
News Releases Overview IRS News Releases consist of Information Releases as well as Fact Sheets, both issued by the IRS. Information Releases are news releases from the IRS. They are numbered sequentially by year, and will always start with “IR-YYYY-” where YYYY is the year of the release. News Releases are issued by the IRS…
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Necessary
About Necessary: IRC (check if this IRC provision is current here) §§ 162(a) and 212. See ordinary and necessary business expenses….
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Natural Resources
About Natural Resources: actual and potential forms of wealth supplied by nature, such as coal, oil, wood, water power, and arable land. Many natural resources may be subject to depletion and thus be eligible for a depletion deduction….
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Nonfelers
About Nonfelers: elderly and people living below the poverty line who do not file tax returns….
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Net Unrealized Appreciation
About Net Unrealized Appreciation: The Net Unrealized Appreciation (NUA) the amount by which any unrealized appreciation on appreciating assets exceeds any unrealized depreciation on depreciating assets. NUA comes into play if the taxpayer takes a total payout from a company retirement plan that inc…
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Net Operating Loss
About Net Operating Loss: Net Operating Loss (NOL) was the excess of allowable deductions over gross income with certain specific adjustments set forth in the Internal Revenue Code, which are generally designed to limit the net operating loss deductions of individual taxpayers to business losses. Am…
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Nonforfeitable
Nonforfeitable is used. with reference to a qualified plan, describing benefits that are not conditioned upon length of service or performance requirements….
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Nondealer
Nondealer is. one who is not a dealer, as defined in Former IRC (check if this IRC provision is current here) §453(1)(1). A nondealer may use the installment method and recognize gain over the years in which payments are received….