Tag: FO

Forgery means:preparing or altering writings or paintings with the intention of prejudicing the rights of others. Forgery can be considered fraud under the tax laws….

Foreign Income means:income from sources outside the United States. See blocked income; foreign earned income exclusion; foreign investment company; passive foreign investment company….

Foreign Country means:any territory under a government other than that of the United States. Former Tax Regulation (check if this Reg. is current here) §1.911-2(h)….

Forgone Interest means:the amount of interest on a loan that w al a be payable for a period if interest had accrued at the applicable federal rate and were payable annually at year end, less any interest actually payable on the loan for the period….

Foreign Personal Holding Company Income Income means:that includes dividends, interest, royalties, annuities, and gains from stock, securities, and commodity transactions. Foreign refers to the corporation; the income may come from domestic sources. Former IRC (check <a href="http://lawi.us/inte…

Forward Averaging means:the five-year or ten-year averaging technique available to a taxpayer who receives a lump-sum distribution from a retirement plan….

Foreign Housing Expenses means:the costs of providing a home for a taxpayer who works abroad, including insurance and utilities. A taxpayer who meets the bona fide residence test or physical presence test for the foreign earned income exclusion may also exclude a portion of employer-provided for…

Forbidden Purpose means:the use of an otherwise legal entity or method for the purpose of income tax avoidance. For example, the accumulated earnings tax is designed to prevent the forming or availing of a corporation for the purpose of enabling its shareholders to avoid the income tax by permit…

Foreign Residence Test means:the test that a U.S. citizen (and some resident aliens) must meet (the bona fide foreign residence test) for an entire tax year to qualify for the foreign earned income exclusion. The U.S. Internal Revenue Service distinguishes residence from domicile, the place to w…

Foreign Expropriation Capital Loss means:the sum of the capital losses sustained by reason of the expropriation, intervention, seizure, or similar taking of property by a government of any foreign country, any political subdivision, or any agency or instrumentality of such a government unit. A f…