Tax

Category: U

  • Unrelated Business Income

    About Unrelated Business Income: Unrelated Business Income (UBI) is the income from a trade or business that is not substantially related to a not-for-profit organization's tax-exempt function and that is regularly carried on by the organization. Annuities, interest, royalties, and rent from real an…

  • Unrealized Profit

    About Unrealized Profit: Unrealized Profit (loss) is a profit (loss) that has not become actual. It is realized when a security or commodities futures contract in which there is a gain (loss) is actually sold. A tax is normally not imposed on unrealized profit….

  • Unearned Discount

    Unearned Discount is. on the books of a lending institution, an account that recognizes interest deducted in advance, which will be taken into income as earned over the life of the loan….

  • Unfunded

    Unfunded is used. with reference to a pension or profit-sharing plan, failing to meet or have a minimum funding standard. See also other Tax Terms and Definitions in U.S.A. funded….

  • Unallowable Program

    Unallowable Program is. one of several ways by which the U.S. Internal Revenue Service selects tax returns for audit. Unallowable items are identified both manually and by computer….

  • United States Person

    United States Person means:a citizen or resident of the United States, a domestic partnership, a domestic corporation, or any estate or trust (except certain foreign estates and trusts). Former IRC (check if this IRC provision is current…

  • User Fee

    User Fee means:a charge, a tax, that is paid directly by the consumer, imposed by the U.S. Internal Revenue Service for issuing rulings, opinion letters, and determination letters. An excise tax, often in the form of a license or supplemental charge, levied to fund a public service. See <a href=…

  • Unified Estate and Gift Tax

    Unified Estate and Gift Tax means:a federal tax imposed on the net value of an estate and on gifts of certain amounts. Usually the transferor is liable for gift taxes, but if he or she fails to pay, the transferee may be held liable for payment. Former IRC (check <a href="http://lawi.us/internal…

  • Unified Credit

    Unified Credit means:a credit or other debt instrument for both the federal estate tax and the gift tax (see unified estate and gift tax), which is deducted directly from the gross estate tax to determine the net estate tax payable. The amount of this credit is $192,800. At 1993 tax rates, this …

  • Uniform Gift To Minors Act

    Uniform Gift To Minors Act means:a law or enactment (called also UGMA) adopted by most U.S. states (Uniform Laws) that sets up rules for the distribution and administration of assets in the name of a child. UGMA provides for a custodian of the assets, often the parents, but sometimes an independ…