Tax

Category: W

  • Working Capital

    Working Capital means:funds invested in a company's cash, accounts receivable, inventory, and other current assets (gross working capital'). The term usually refers, however, to net working capital, that is, current assets minus current liabilities. Working capital finances the cash conversion c…

  • Wellhead Value

    Wellhead Value means:the assessed value of oil and gas for severance and Ad Valorem tax purposes, normally at the well by an arm's-length transaction between the producer and the processor….

  • Withholding Tax

    Withholding Tax means:the amount of income tax an employer is required to withhold from an employee's salary when the salary is paid. Tax on income imposed at source, i.e. a third party is charged with the task of deducting the tax from certain kinds of payments and remitting that amount to the …

  • Worthless Securities

    Worthless Securities means:securities that have no value. Ownership of worthless securities generally results in a capital loss. Former IRC (check if this IRC provision is current here) § 165(g)(1). In the case of an 80% or more own…

  • Wear and Tear

    Wear and Tear means:the decline in value or physical deterioration of property as the ordinary result of use, weathering, and age. Income tax systems usually allow deductions in calculating the profits of a business using buildings, plant and machinery which are subject to wear and tear in the c…

  • Writ of Certiorari

    Writ of Certiorari means:the Supreme Court's answer to a request to hear an appeal of a lower court decision….

  • Winding Up

    Winding Up means:the process of liquidating a corporation. Winding up consists of collecting the assets, paying the expenses, satisfying creditors' claims, and distributing the net assets, usually in cash but possibly in kind, to shareholders according to their liquidation preferences and rights…

  • Without Recourse

    Without Recourse means:words used in factoring accounts receivable or endorsing a note or bill to denote that the holder is not to look to the debtor personally in the event of nonpayment. The creditor has recourse only to the property. Without recourse is a form of exculpation, and such debt is…

  • Withdrawal

    Withdrawal means:the removal of money or the like from a bank, partnership, or owner's drawing account. When income or goods are withdrawn from a business by the entrepreneur to his private household (without a consideration), the income or the value of such goods normally constitutes a taxable …