Category: R

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…

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…

About Real Estate Mortgage Investment Conduit: Real Estate Mortgage Investment Conduit (remic) was an entity whose purpose is to hold a fixed pool of mortgages and issue interests in itself to mortgage investors. A REMIC may be a partnership, corporation, trust, or separate pool of assets. REMICs ar…

Res Judicata (latin legal term) means:Latin for “judged matter”; the concept that, once a disputed matter, such as tax liability, has been decided in court and the time to appeal has passed, the outcome is determined….

About Reconstruction of Income: in the absence of adequate books and records, the calculation under U.S. Internal Revenue Service (IRS) authority, of a taxpayer's income by whatever method, will clearly reflect that income. Reconstruction …

About Residency Starting Date: generally, the first day an alien is present in the United States during a calendar year. Up to 10 days of actual presence in the United States for that year can be excluded if (1) the alien had a closer connection to a foreign country than to the United States, and…

About Relationship Test: for purposes of the dependency exemption, the following persons qualify as related to the taxpayer: • child, grandchild, great-grandchild, or other lineal descendant. • stepchild. • brother, sister, half-brother, half-sister, stepbrother, or stepsister. •…

Religious Organization is used. when such an association or corporation has a common or community treasury, it is tax exempt even if such association or corporation engages in business for the common benefit of the members. The members must include in their gross incomes their entire pro rata shares…

Revenue Neutrality is a legal term that is. referring to changes in the tax laws that result in no alteration in the amount of revenue coming into the government's coffers. Constraints on tax reform that it should not change revenues available to government in any significant way. For example, a pro…

Retirement Program is. one of five programs in the Social Security System under which monthly payments are made to retired workers who have enough Social Security credits. Payments may also be made to the retired worker's spouse….