Category: S
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Stock
Stock means:any shares representing ownership in any corporation or certificates or ownership interest in any corporation. Description and Definition of Stock Stock evidences an ownership interest in a corporation. Resources See Also Further Reading Stock in the West's Tax Law […]
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Single
Description and Definition of Single Your filing status if you are unmarried December 31st and do not qualify to file as a Head of Household or Qualifying Widow(er) with a Dependent Child. Resources See Also Further Reading Single in the West's Tax Law Dictionary Single in "A […]
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Specific Identification Inventory Valuation Method
Description and Definition of Specific Identification Inventory Valuation Method A method of tracking each specific item of inventory. Specific identification is usually used for large, easily traceable items, such as vehicles or furniture. Resources See Also Further Reading Specific […]
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Standard Deduction
Standard Deduction means:a provision that allows a taxpayer to deduct, in lieu of itemized deductions, a certain amount of income from his or her gross income. Reduces, therefore, the income subject to tax and varies depending on filing status, age, blindness, and dependency. These […]
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Section 1250
Section 1250 means:the part of the Internal Revenue Code that deals with gains from real estate on which accelerated depreciation has been claimed. Gains on residential properties are generally treated as capital gains except to the extent of the accelerated depreciation claimed. Gains […]
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Section 1245
Section 1245 means:the part of the Internal Revenue Code that deals with gains from personal property (e.g., machines, equipment, furniture, and automobiles) on which depreciation has been claimed. Generally, gains are taxed at capital gain rates except to the extent of the depreciation […]
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Stock Dividend
Stock Dividend means:the payment of a corporate dividend in the form of stock rather than cash. In other words, a dividend distribution by a company to its shareholders in the form of additional shares in the company. Often a stock dividend is not taxable, but in certain situations it […]
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Stepped-up Basis
Stepped-up Basis means:a process by which a person's tax basis is increased to a certain level (usually the fair market value) as of a certain date. A stepped-up basis generally applies to property received by an heir from a decedent. Former IRC (check if this IRC provision is […]
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Statement
Description and Definition of Profit and Loss Statement Also known as an income statement, it shows a businesses revenue and expenses for a specific period of time. The difference between the total revenue and the total expense is the businesses net income. Resources See Also Further Reading […]
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Straight Line Depreciation Method
Description and Definition of Straight Line Depreciation Method A depreciation method that spreads the cost or other basis of an asset on a pro rata basis over its useful life. Resources See Also Further Reading Straight Line Depreciation Method in the West's Tax Law Dictionary Straight […]