Description and Definition of Garnishment Monies withheld from your pay and remitted to a creditor. Garnishments withheld from your pay are taxable income to you even though you didn't get the money. Resources See Also Further Reading Garnishment in the West's Tax Law Dictionary […]
Gambling Income and Expenses Gambling winnings are fully taxable and must be reported on your tax return. You must file Form 1040 (PDF) and include all of your winnings on line 21. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse races, and casinos. […]
About Gas Lease: An Oil and Gas Lease is an agreement that conveys the right to explore for oil, gas, and sometimes other minerals and to extract them from the ground. Provisions include the granting of subsurface and surface rights, lease duration, extension terms, royalties, treatment of surface d…
Gambling Loss means:
a loss incurred in gambling that may be offset against gambling income. Any loss in excess of gambling income is not deductible. Former IRC (check if this IRC provision is current here) §165….
Gas Balancing Agreement means:
a standard attachment to most common forms of joint operating agreements in the gas industry setting forth the owners' agreement for the balancing of production in the event that one owner is able to sell more gas than the other owners, thereby creating imbalances. …
Gas Guzzler Tax means:
a tax imposed on the sale by a manufacturer of an automobile with poor fuel economy. For example, there is a tax of $7,700 if the fuel economy is less than 12.5 miles per gallon. Former IRC (check if this IRC provis…
Gain means:
an increase in value, measured by the difference between the adjusted basis and the selling price. Former IRC (check if this IRC provision is current here) §1001. Example of Gain:
Categories , G Leave a comment
Gambling Income means:
legal or illegal earnings from wagering (on bingo, lotteries, horse or dog racing, etc.), which are taxable as other income….