Tag: CL

  • Clifford Trust

    Clifford Trust means:a type of inter vivos trust, set up for at least 10 years and a day, that makes it possible to turn over title to income-producing assets. Parents put bonds and stocks in such a trust for their children because the children's income is lower and the taxes are […]

  • Closing Price

    About Closing Price: Closing Price Or Closing Quote are the price of the last transaction completed during a day's trading session on an organized securities exchange. For purposes of valuation of stock, as in the case of charitable contributions and estates, the closing quote is used….

  • Closing Costs

    About Closing Costs: Closing Costs (transaction Costs) are various fees and expenses payable by the seller and buyer at the time of a real estate closing. Closing costs include brokerage commissions, lender discount points and other fees, title insurance premium, deed recording fees, loan prepayment…

  • Claim for Refund

    Claim for Refund means:a claim by a taxpayer to the U.S. Internal Revenue Service for a refund of all or part of the taxes paid in earlier years. Such a claim can result from the correction of an error or the availability of a loss or credit that can be carried back and used to…

  • Closely Held Corporation

    Closely Held Corporation means:a business entity (like a corporation or company) in which the stock is not widely dispersed….

  • Clergy

    Clergy means:a duly ordained, commissioned, or licensed minister of a church, a member of a religious order, or a Christian Science practitioner; may elect to be exempted from the Social Security system by filing an exemption certificate, Former Federal Tax Form (check <a href="http://lawi.us/fe…

  • Closing Agreement Program

    Closing Agreement Program means:an U.S. Internal Revenue Service (IRS) program allowing a taxpayer's representative to describe the defects in a qualified retirement plan on an anonymous basis and negotiate a basis for settlement in or…

  • Classifier

    Classifier means:an U.S. Internal Revenue Service (IRS) auditor or agent who reviews computer-selected tax returns to eliminate those that are not audit material….

  • Closing Agreement

    Closing Agreement means:a written agreement between a taxpayer and the U.S. Internal Revenue Service that conclusively settles a tax liability for the taxable year ending before the agreement date or settles one or more issues affecting a tax liability. Former IRC (check <a href="http://lawi.us/…

  • Club Dues

    Club Dues means:membership fees. No deduction is permitted after 1993- Earlier, deduction was permitted for club dues if the taxpayer establishes that the club is used primarily for the furtherance of his or her trade or business. After this test is met, the taxpayer may then deduct only that po…