Category: O
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Omnibus Budget Reconciliation Act
About Omnibus Budget Reconciliation Act: OF 1993 legislation signed into law by President Clinton after passing both House and Senate by the narrowest of margins. Some highlights include tax rate increases for high income earners (new 36% and 39-6% tax brackets) and higher alternative minimum tax ra…
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Off the Books
Off the Books is a legal term that is. referring to payments or barter of which no formal record is kept in an attempt by both parties to hide the transaction from taxation or other government regulation….
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Offshore
Offshore is a legal term that is. referring to any financial organization with headquarters outside the United States. Many banks have offshore subsidiaries that engage in activities that under U.S. law either are heavily regulated or taxed or are not allowed. See <a href="http://lawi.us/offshore-ba…
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Orphan Drugs Credit
Orphan Drugs Credit means:a credit or other debt instrument of 50% of qualified clinical testing expenses paid or incurred before December 31, 1994. The clinical testing expenses must be related to determining the use of a drug for rare diseases or conditions, and the testing must be conducted i…
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Operating Interest
Operating Interest means:a form of ownership in mineral property in which the owner is responsible for operating costs. Royalties, production payments, and net profit interests are not operating interests. Former Tax Regulation (check if this Reg. …
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Origination Fee
Origination Fee means:a nondeductible charge to a borrower, especially for a mortgage loan, to cover the costs of issuing the loan, such as credit checks, appraisal, and title expenses, capitalized in the purchase cost of the property. If the origination fee is a discount point and is charged on…
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Ombudsman
Ombudsman means:a member, in tax parlance, of the U.S. Internal Revenue Service (IRS) Commissioner's immediate staff who directs the IRS's Problem Resolution Program….
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Obsolescence
Obsolescence means:a loss in the value of property due to changes in technology or popularity which are unrelated to the physical condition of the property itself. An asset becomes obsolete when it has no fair market value or is no longer used. Inventory, for example, may be written off by the t…
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Owner-operator
Owner-operator means:a person who owns and operates a business (or the equipment used in it) to earn income. For example, truckers are often owner-operators of their vehicles. See also other Tax Terms and Definitions in U.S.A. material participation….
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Ordinary Annuity
Ordinary Annuity means:a series of equal or nearly equal payments, each payment occurring at the end of each equally spaced period….