Category: R
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Revenue Procedures
Revenue Procedures Overview A revenue procedure is an official statement of a procedure that affects the rights or duties of taxpayers or other members of the public under the Internal Revenue Code, related statutes, tax treaties and regulations and that should be a matter of public knowledge. It is also published in the Internal Revenue…
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Revenue Rulings
Revenue Rulings Overview A revenue ruling is an official interpretation by the IRS of the Internal Revenue Code, related statutes, tax treaties and regulations. It is the conclusion of the IRS on how the law is applied to a specific set of facts. Revenue rulings are published in the Internal Revenue Bulletin for the information…
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Revenue Agent's Report
About Revenue Agent's Report: (also called RAR) IRS former Form (check if this Form is current here) 4549, a report of changes due to an examination by a revenue agent, which may result in a no-change, overassessment, or deficiency a…
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Reversion
About Reversion: giving a grantor some right or interest, to arise in the future in a property; such reversion causes the property to be included in the grantor's gross estate….
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Ruling
About Ruling: Decisions or opinions of the tax authorities in respect of actual fact situations which come before it as part of an assessment procedure or in response to taxpayer questions. 1. an advance ruling from the U.S. Internal Revenue Service. 2. a court decision….
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Real Estate Investment Trust
About Real Estate Investment Trust: A Real Estate Investment Trust (REIT) is a real estate mutual fund, allowed by income tax laws to avoid the corporate income tax. See Real Estate Investment Trust and <a href="http://lawin.org/Real-Estate-…
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Revenue Procedure
About Revenue Procedure: Revenue Procedure (Rev. Proc.) is an official published statement by the IRS of US about procedural and administration aspects of the tax laws. For more information about Revenue Procedure, click here. For an <a href="http://la…
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Reserve Method
About Reserve Method: Reserve Method (bad Debts) is the accrual of bad-debt expense based on the projected worthlessness of accounts receivable or prior experience with uncollectible receivables. The use of the reserve method by accrual basis taxpayers is permitted only for some small banks and thri…
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Remainderperson
About Remainderperson: Remainderperson (also called “remainderman”) is the beneficiary of a trust other than the life beneficiary. The remainderperson receives the corpus after the death of the life beneficiary. See Inheritance Tax and <a href="http://la…
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Related Parties
About Related Parties: Parties defined, for purposes of disallowing a loss on the sale or trade of property between related parties, as follows: • family members (i.e., brothers, sisters, half-brothers, half-sisters, spouses, ancestors, and lineal descendants). • a corporation in which the…