Tax

Tag: EC

  • Economic Performance Rule

    Economic Performance Rule means:a concept that determines when a liability generates a deductible expense. When a liability requires payment for property or services, economic performance occurs as the property or services are provided. When a liability occurs from the taxpayer's use or provisio…

  • Economic Interest

    Economic Interest means:any interest that a taxpayer has acquired by investment in a mineral in place and secured by any form of legal-relationship income derived from the extraction of the mineral to which he or she must look for a return of capital. A holder of an economic interest in an exhau…

  • Economic Accrual of Interest

    Economic Accrual of Interest means:the cost of an indebtedness for a given period. The amount of interest payable for the use of money for a given period is determined by multiplying the interest rate for that period by the unpaid balance of the loan, which includes any prior accrued but unpaid …