Category: Q

Qualified Savings Bond means:a Series EE savings bond issued after December 31, 1989, to an individual 24 years of age or older. The interest on a qualified savings bond is excludable from taxable income if the bond is redeemed to pay for qualified higher education expenses….

Qualified Separate Lines of Business means:a qualification applied to lines of business with 50 or more employees that has an impact on employee benefit plans and certain miscellaneous fringe benefits. For example, a no-additional-cost service (such as a free airline ticket) is not taxable to an…

Qualified Subchapter S Trust means:a trust qualified to own S corporation stock without terminating the S election….

Qualified Electing Fund means:an arrangement whereby a U.S. shareholder owning a passive foreign investment company elects current taxation of income under Former IRC (check if this IRC provision is current here) §1295….

Qualified Organization means:an organization to which a deductible charitable contribution may be made. The following are the five types of qualified organizations: • the United States or any state, the District of Columbia, a U.S. possession, a political subdivision of a state or a U.S. po…

Qualified Charity means:an organization that has applied for and received tax-exempt status under Former IRC (check if this IRC provision is current here) §501. Cumulative List of Organizations, <a href="http://lawi.us/internal-reve…

Qualified Plan Award means:an item awarded as part of a permanent written plan or program that does not discriminate in favor of officers, shareholders, or highly compensated employees as to eligibility or benefits. See also other Tax Terms and Definitions in U.S.A. prizes and awards….

Qualified Scholarship means:any amount received for: 1. tuition and fees to enroll at or attend an educational institution, or. 2. fees, books, supplies, and equipment required for courses at the educational institution. Amounts used for room and board do not qualify. A candidate for a degree ca…

Qualified Transfer means:any amount paid for an individual (1) to an educational organization for the individual's education or training or (2) to any person for medical care provided to the individual. For gift tax purposes, total gifts for the year do not include qualified transfers. Former IR…