Tax

Category: V

  • Vesting Rules

    Vesting Rules is used. with reference to a pension or profit-sharing plan, certain minimum requirements that must be met before a participant's right to benefits becomes nonforfeitable. Vesting rules include the following: 1. A participant's right to accrued benefits from his or her own contribution…

  • Vintage Account

    Vintage Account means:a closed-end depreciation account containing eligible assets during a taxable year, used during the previous class life asset depreciation range system. Former Tax Regulation (check if this Reg. is current here) §l.l67(a>…

  • Variable Annuity

    Variable Annuity means:a life insurance annuity whose value fluctuates with that of an underlying securities portfolio or other index of performance. Contrast fixed annuity….

  • Voluntary Bankruptcy

    Voluntary Bankruptcy means:a legal proceeding that follows a petition of bankruptcy filed by a debtor in the appropriate U.S. district court under the Bankruptcy Act. Voluntary bankruptcy contrasts with involuntary bankruptcy, in which the creditors petition the court to have the debtor judged i…

  • Valuable Consideration

    Valuable Consideration means:a type of promised payment upon which a promisee can enforce a claim against an unwilling promisor. Valuable consideration includes money, extension of time, and other equivalents for the grant and is distinguished from good consideration, which may be love and affec…

  • Voting Trust

    Voting Trust means:a trust that results when two or more shareholders in a corporation transfer their shares to one or more persons as trustees. The sole authority of the trustees is to vote the shares during the term of the trust. Certificates of beneficial interest are issued by the trustees t…

  • Voluntary Compliance Resolution Program

    Voluntary Compliance Resolution Program means:a temporary, experimental U.S. Internal Revenue Service (IRS) program permitting an employer meeting certain conditions to voluntarily correct operational defects in qualified retirement pl…

  • Value-added Tax

    Value-added Tax means:a tax imposed at each step in the production process, levied upon the difference between the purchase cost of the asset to the taxpayer and the price at which it may be sold-the value added to it. Specific type of turnover tax levied at each stage in the production and dist…

  • Voluntary Employees' Beneficiary Association

    Voluntary Employees' Beneficiary Association means:an association (VEBA) that provides for the payment of life, sickness, or accident benefits to individuals with employment-related bonds. A VEBA is exempt from federal income taxes if no part of its net earnings inures to the private benefit of …

  • Volunteer Income Tax Assistance

    Volunteer Income Tax Assistance means:A volunteer Income Tax Assistance (VITA) is an U.S. Internal Revenue Service (IRS) program to help older, disabled, low-income, and non-English-speaking people file their tax returns. This provides…