Tag: BA

Base Amount means:the lower of two tiers used to determine whether a taxpayer who receives Social Security payments must pay tax on part of the payments. The base amount is $32,000 for a married couple filing a joint return, zero for a married taxpayer filing a separate return, and $25,000 for a…

Backdating means:the dating of any statement, document, check, or other instrument by a date earlier than the one on which the instrument was drawn. The practice is considered fraudulent by the IRS….

Barter means:the trade of goods and services without the use of money. Income from a barter transaction is taxable income. Former IRC (check if this IRC provision is current here) §6045(c)(3)….

Bargain Purchase means:the purchase, by the shareholder of a corporation, of property owned by the corporation for less than fair market value; the difference is treated as a distribution. Example of Bargain Purchase: Learn mo…

The Bailouts are. various procedures by which a shareholder may attempt to receive, with favorable tax consequences, the earnings and profits of a business. Some examples include unreasonable compensation, bargain sale of assets, thin capitalization, and bargain rental of assets to a corporation. Fo…