Tax

Category: P

  • Premature Distribution

    Description and Definition of Premature Distribution A withdrawal from a qualified retirement plan before age 59 1/2. Withdrawals from company retirement plans are subject to a 10% penalty if you're under age 55 if you've left the job – or under age 59-1/2 if you're still employed. […]

  • Personal Exemptions

    Description and Definition of Personal Exemptions An amount of income a taxpayer can receive tax free unless he or she may be claimed as a dependent by another taxpayer. Married taxpayers filing jointly receive two exemptions. Taxable income is reduced for each exemption. Exemptions are phased […]

  • Production

    Domestic Production Activities Deduction Issue You may find information about Domestic Production Activities Deduction in this Tax Platform of the American Encyclopedia of Law.

  • Personal Service Activity

    Description and Definition of Personal Service Activity A business whose main activity is the performance of personal services. The fields of health, law, engineering, architecture, accounting, actuarial sciences, performing arts, and consulting are personal service activities. Resources See […]

  • Price Index

    Description and Definition of Consumer Price Index (CPI) / Inflation The Consumer Price Index is a measure of price changes of common goods and services published by the U.S. Government. The Index is commonly referred to as "inflation" or the "inflation rate". Resources See […]

  • Physical Presence Test

    Physical Presence Test means:a test of eligiblity for the exclusion of foreign-source earned income. To qualify, a U.S. citizen must spend 330 full days in a foreign country or countries during any 12 consecutive months. Former IRC (check if this IRC provision is current here) […]

  • Personal Property

    Personal Property means:things movable, as distinguished from real property, or things attached to the realty; also called personalty. Anything that is not real property is personal property. The main characteristic of personal property is that it is movable without causing damage to […]

  • Portfolio Income

    Portfolio Income means:income that includes interest, dividends, royalties, and gains and losses from investments, but not passive activity investments. The concept, introduced by the Tax Reform Act of 1986, distinguishes passive, active, and portfolio income. Passive losses generally […]

  • Personal Income Tax

    Description and Definition of Personal Income Tax A tax levied on each citizen's personal income. Resources See Also Further Reading Personal Income Tax in the West's Tax Law Dictionary Personal Income Tax in "A Dictionary of Taxation"

  • Plans

    Section 457 Plans Issue You may find information about Section 457 Plans in this Tax Platform of the American Encyclopedia of Law.