Tag: FI
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Financial Assets
Financial Assets Overseas Issue You may find information about Financial Assets Overseas in this Tax Platform of the American Encyclopedia of Law.
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Fixing-up Expenses
The Fixing-up Expenses are. expenses incurred for the purpose of physically preparing a personal residence for sale. Qualified fixing-up expenses may be deducted from the sales price to determine the amount (the adjusted sales price) that must be spent for a new residence in order to defer […]
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Filing Status
About Filing Status: for tax purposes, a category that governs the form of return used by the taxpayer. Forms include the following: • Single Individual. • Married Persons Filing Jointly and Surviving Spouse. • Married Persons Filing Separately. • Head of Household. Former […]
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Fixed Income
About Fixed Income: Fixed or Determinable Annual or Periodic Income: for purposes of the 30% tax on a nonresident alien's U.S.-source income, a class of income not effectively connected with a U.S. trade or business. Fixed indicates that the income is paid in predetermined amounts. Determinable mean…
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First In, First Out
About First In, First Out: First In, First Out (FIFO) is a method of inventory valuation in which the cost of goods sold is charged with the cost of raw materials, semifinished goods, and finished goods purchased first, and in which inventory contains the most recently purchased materials. In times …
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Fines
Relating to Fines: no deduction is allowed for any fine or similar amount paid to a government for the violation of a law. Former IRC (check if this IRC provision is current here) § 162(f)….
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Financial Lease
Financial Lease means:a lease in which the service provided by the lessor to the lessee is limited to financing the property. Lease where the lessor is considered only as a financier. All other responsibilities related to the possession of property, such as maintenance, insurance, and taxes, are…
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Fiat Tax
Fiat Tax means:a tax applied at the same rate to all levels of income. It is often discussed as an alternative to the progressive tax. Proponents of a flat tax argue that people able to retain larger portions of higher income would have added incentive to earn, thus stimulating the economy. The …
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Fixed and Variable Rate Allowances
Fixed and Variable Rate Allowances means:an allowable method for computing a business automobile mileage allowance that is not reported as wages on Former Federal Tax Form (check here if the Form is current) W-2. An employer may give an employ…
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Fixture
Fixture means:an item that was once personal property but is later attached to real property in such a way that its removal would damage the property, and hence is considered part of the realty. Fixtures may be written off over a modified accelerated recovery system 7- year recovery class, using…