Tag: AL

  • Alien

    Alien means:a person who is not a citizen of the country in which he or she lives. Former IRC (check if this IRC provision is current here) §7701 (b). See also other Tax Terms and Definitions in U.S.A. nonresident alien and resident alien. Tax Treatment of Alien in the U.S. and […]

  • Allowance

    Mileage Allowance Issue You may find information about Mileage allowance in this Tax Platform of the American Encyclopedia of Law.

  • Alternative Minimum Tax

    About Alternative Minimum Tax: Alternative Minimum Tax is a special tax designed primarily to ensure that corporate and wealthy individuals (high-income noncorporate taxpayers) pay at least some tax, regardless of their deductions, tax benefits or the use of legal tax breaks. It prevent some […]

  • Alimony

    About Alimony: Alimony is a qualifying payment to or for the support of one's former or estranged spouse (ex-spouse) in the course of divorce or separation (agreement) when it is tax deducted. Alimony and separate maintenance payments can be deducted as adjustments to income regardless of […]

  • Alternative Minimum Taxable Income

    About Alternative Minimum Taxable Income: See in the American Legal Encyclopedia…

  • Alternate Valuation

    Alternate Valuation means:a method whereby property included in a decedent's gross estate is valued as of a date other than the date of death. The following rules apply: 1. Any property distributed, exchanged, or otherwise disposed of within 6 months after the decedent's death is valued as of th…

  • Alimony Trust

    Alimony Trust means:a trust established as a result of separation or divorce. The trust instrument provides for support payments to the grantor's ex-spouse and children, with income-producing property inside the trust. The income that would normally be taxable to the grantor is taxable instead t…

  • Alter Ego Theory

    Alter Ego Theory means:a theory proposing that, when one business has income tax nexus with a state, control and domination may create nexus for its affiliates. Under the theory, domination and control over its affiliates may cause the dominating corporation to be considered the affiliates' alte…

  • All-events Test

    All-events Test means:a test whereby income is considered to be earned by an accrual-basis taxpayer when all of the events have occurred that determine the right to receive such income, and the amount can be determined with reasonable accuracy. Further, this test is used to determine when expens…

  • Alternate Valuation Date

    Alternate Valuation Date means:a valuation date 6 months (not 180 days) after the decedent's date of death. For estate tax purposes, the executor may place a value on the estate as of the date of death or on the alternate valuation date. To use the alternative valuation date, the estate value an…