Category: U

Uniform Division of Income for Tax Purposes Act means:a model law (UDIPTA) involving the assignment of income among the various states for multistate corporations. See also other Tax Terms and Definitions in U.S.A. Multistate Tax Commission….

Uniform Capitalization Rules means:a method of valuing inventory for tax purposes (UNICAP) that requires a business to capitalize direct costs (such as material and labor costs) and an allocable portion of indirect costs that benefit or are incurred because of production or resale activities. Ce…

Unrelated Person means:a person who does not fit into any of the categories listed under related parties….

Units-of-production Method means:a tax accounting method whereby a provision for depreciation is computed at a fixed rate per unit of product, based on an estimate of the total number of units the property will produce during its service life. This method is useful only when the total number of …

Undue Hardship means:a substantial financial loss that would result to a taxpayer from making payment on the due date of the amount of taxes with respect to which the extension is desired. Undue hardship is a condition precedent to the granting of an extension of time to make a tax payment….

Unitary State means:a state that adopts the unitary business theory in the apportionment of the total taxable income of a multistate corporation to that particular state….

Unmarried Taxpayer means:a taxpayer who is single or who has obtained a final decree of divorce or separate maintenance or a decree of annulment by the last day of the tax year; an unmarried taxpayer is considered unmarried for the entire year. Former IRC (check <a href="http://lawi.us/internal-…