Tax

Tag: FO

  • Foreclosure

    About Foreclosure: for tax purposes, a loan that is treated as a sale or exchange from which the borrower may realize gain or loss, even if the property is voluntarily returned to the lender. The borrower's gain or loss is the difference between his or her adjusted basis in the transferred property …

  • Foreign Investment

    Foreign Investment may have one of the following meanings, depending the context of the term: 1. investment by the citizens and government of one country in industries of another. 2. investment within a country by foreigners. The income tax treatment of foreign investment income is often governed by…

  • Foreign Levy

    Foreign Levy means:a levy classified as a tax if it is a compulsory payment pursuant to the authority of a foreign country to levy taxes. If a foreign levy is classified as a tax, the payment is subject to credit treatment. However, penalties, fines, interest, and customs duties do not qualify a…

  • Foreign Currency Transaction

    Foreign Currency Transaction means:a gain or loss occurring when a U.S. company has business conducted through a foreign branch, or the company owns stock in a controlled foreign corporation. See Former IRC (check if this IRC provision i…

  • Foreign Personal Holding Company

    Foreign Personal Holding Company means:a foreign corporation at least 50% of whose gross income for the tax year is foreign personal holding company income, and more than 50% of whose voting power is owned, directly or indirectly, at any time during the tax year, by five or fewer individuals who…

  • Forensic Accountant

    Forensic Accountant means:a person who applies accounting principles, theories, and discipline to facts and hypotheses at issue in a legal dispute. The forensic accountant melds the skills of an investigator and those of an accountant to look behind the numbers and the financial statements. For …

  • Foreign Trust

    Foreign Trust means:a trust whose income is derived from sources outside the United States and is not effectively connected with the conduct of a trade or business within the United States. This income is not includable in gross income. Former IRC (check <a href="http://lawi.us/internal-revenue-…

  • Foreign Estate

    Foreign Estate means:an estate whose income is derived from sources outside the United States and is not effectively connected with the conduct of a trade or business within the United States. This income is not includable in gross income. Former IRC (check <a href="http://lawi.us/internal-reven…

  • Foreign Investment In Real Property Tax Act of 1980

    Foreign Investment In Real Property Tax Act of 1980 means:an act providing that Internal Revenue Code provisions related to the disposition of U.S. real estate override U.S. treaty obligations. See Property Tax in the American Legal Encyclopedia and <a …

  • Foreign Investment Company

    Foreign Investment Company means:any foreign corporation registered under the Investment Company Act of 1940, either as a management company or as a unit investment trust, or engaged in the business of investing in securities, commodities, or other interests at a time when 50% of more of the tot…