Tax

Tag: EX

  • Export Trade Corporation

    Export Trade Corporation means:a controlled foreign corporation that satisfies the following conditions: 1. 90% or more of the gross income of the corporation for the 3-year period immediately preceding the close of the tax year was derived from services outside the United States, and. 2. 75% or…

  • Executive Pay Over One Million Dollars

    Executive Pay Over One Million Dollars means:a limitation after 1993 that precludes a corporation from taking a deduction for compensation paid to an executive in excess of $1 million per year. However, the $1 million limitation would not apply to compensation payments linked to productivity. Fo…

  • Exchange Visitor

    Exchange Visitor means:a nonresident alien who has a residence in a foreign country and has no intention of abandoning it. An exchange visitor must be a bona fide student, scholar, trainee, teacher, professor, research assistant, specialist, or leader in a field of specialized knowledge or skill…

  • Exempt Status

    Exempt Status means:a provision granting certain organizations, such as churches, governmental bodies, and community chests, exemption from taxation. An organization must submit an application for exempt status and file information returns even though no tax is due. Former IRC (check <a href="ht…

  • Excess Loss Account

    Excess Loss Account means:a potentially taxable account that must be taken into income (to the extent that it has not been subsequently reduced by positive adjustments or contributions to capital) when the parent organization disposes of a subsidiary's stock. This negative-basis account is creat…

  • Expert Witness

    Expert Witness means:a person having special knowledge of the subject about which he or she is testifying. The person must be accepted by the court and must normally testify about a specific area rather than the law. See also other Tax Terms and Definitions in U.S.A. forensic accountant: litiga…

  • Exchange

    Exchange means:a provision under Section 1031 of the Internal Revenue Code, that like- kind property used in a trade or business or held as an investment can be exchanged tax-free. See also boot; realized gain; recognized gain; delayed (tax-free) exchange. Example of Exchange: <a href="http://l…

  • Exchange Fund

    Exchange Fund means:an investment entity through which a large number of investors pool their highly appreciated stock or debt securities in exchange for interests or shares in the fund. The transferors are not required to recognize any gain on the transfers. Former IRC (check <a href="http://la…

  • Extractive Industry

    Extractive Industry means:an industry that involves mining, for example, to obtain copper or other valuable minerals found in the ground. A number of special tax provisions apply to this industry (e.g., depletion, exploration costs, development expenses)….

  • Excess Profits Tax

    Excess Profits Tax means:an extra federal tax imposed on the earnings of a business. Such a tax may be levied in a time of national emergency, such as wartime, and is designed to increase national revenue. It is distinguishable from a windfall profit tax, designed to prevent excessive corporate …