Category: P
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Percentage Depletion
Description and Definition of Percentage Depletion A deductible expense, similar to depreciation, allowed for the using up or depletion of a natural resource, such as timber or minerals. This method applies a fixed percentage to the gross income generated by sales. Resources See Also Further […]
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Property Credit
Residential Energy Property Credit Issue You may find information about Residential Energy Property Credit in this Tax Platform of the American Encyclopedia of Law.
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Profit
Profit means:the positive difference that results from selling products and services for more than the cost of producing the goods. Broadly, the excess of revenue over expenditure. See also other Tax Terms and Definitions in U.S.A. net income; contrast with the entry loss. Description […]
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Parsonage Allowance
Parsonage Allowance means:the rental value of a home or a rental allowance paid to a minister of the gospel, which, for regular income tax purposes, is excluded from gross income to the extent that it is expended for the costs of providing a home. The parsonage allowance is, however, […]
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Personal Use Property
Description and Definition of Personal Use Property Property not used in a trade or business and not held as an investment. Personal automobiles and home furnishings are examples of personal use property. Resources See Also Further Reading Personal Use Property in the West's Tax Law […]
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Principal Residence
Principal Residence means:the place where a person lives most of the time. A principal residence may be a single-family house, condominium, trailer, or houseboat. To defer capital gains taxes on the profit from a home sold, it must be replaced by another home purchased at a price equal […]
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Payment-in-Kind Wages
Description and Definition of Payment-in-Kind Wages (PIK) Payment for labor to farm employees of farm commodities such as livestock, fruits, vegetables, or other food instead of cash wages. The value of Payments-in-Kind must be reported on the employee's W-2 form. Resources See Also […]
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Power of Attorney
About Power of Attorney: Power Of Attorney (POA) is an instrument by which one person, as principal, appoints another as his or her agent and confers upon this individual the authority to perform certain specified acts or kinds of acts on behalf of the principal. Instrument in writing by which […]
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Penalty
Penalty means:the money or other cost one person pays for breaking a tax law or violating part or all of the terms of a contract. The General Laws of some States (like Massachusetts) provide for the imposition of penalties when taxpayers fail to comply with those States' tax laws. […]
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Personal Representative
Description and Definition of Personal Representative One who represents another person. A party who is in charge of a decedent's property and responsible for distributing property to the beneficiaries. Resources See Also Further Reading Personal Representative in the West's Tax Law […]