Tag: DE

  • Deductions

    Code Sections about Deductions Sec. 67. 2-percent floor on miscellaneous itemized deductions Sec. 68. Overall limitation on itemized deductions Sec. 151. Allowance of deductions for personal exemptions Sec. 161. Allowance of deductions Sec. 211. Allowance of deductions Sec. […]

  • Depreciable Property

    Description and Definition of Depreciable Property Property with a useful life of more than one year that is used in your trade or business. Deductions are spread over the estimated useful life of the property. Resources See Also Further Reading Depreciable Property in the West's Tax Law […]

  • Debt Cancellation

    Bankruptcy and Other Debt Cancellation Issue You may find information about Bankruptcy and Other Debt Cancellation in this Tax Platform of the American Encyclopedia of Law.

  • Defined-contribution Plan

    Defined-contribution Plan Defined-contribution Plan means:a deferred retirement plan that provides a separate account for each person covered by the plan; contrast with the entry with defined-benefit pension plan. Future benefits are based only on amounts contributed to or allocated to […]

  • Dependent

    Dependent means: any person with respect to whom a taxpayer can claim a dependency exemption; defined by the Internal Revenue Code as any individual supported by the taxpayer who is related to the taxpayer in specified ways or who makes his principal abode in the taxpayer's household. A […]

  • Depletion

    Depletion means:the process whereby the cost or other basis of a natural resource (such as a coal interest) is recovered upon the extraction and sale of the deposit. Method used to recover the cost of assets that diminish over time, such as oil, gas, and other natural resources. There […]

  • Deferred Compensation

    Deferred Compensation means:a plan under whose terms an employee defers payment of a portion of salary in return for the employer's promise to pay the employee the salary at some time in the future. Deferred compensation is common in the sports and entertainment industries. Former […]

  • Defined Benefit Plan

    Description and Definition of Defined Benefit Plan A retirement plan that pays benefits based on actuarial projections. The amount of contributions to the plan are determined by the present value of the amount of funds necessary to provide the benefits that are to be paid. Resources See Also […]

  • Declining Balance Method

    Description and Definition of Declining Balance Method A method of depreciation which uses a constant percentage based upon the useful life of the asset. The percentage is applied to the adjusted basis of the asset each year to determine the deduction. Resources See Also Further Reading […]

  • Deficiency

    Deficiency means:the excess of a taxpayer's correct tax liability for the taxable year over the amount of taxes previously paid for that year. It is a concept used in the United States. The U.S. Internal Revenue Service is authorized to assess deficiencies during an audit of the […]