Tag: GR
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Grantor Trust
Grantor Trust means:a trust that has beneficiaries other than the grantor but, because interests or certain powers over the trust, are retained, all income of the trust is taxed to the grantor. Former IRC (check if this IRC provision is current here) §§671-677. Description and […]
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Group Life Insurance
Group Life Insurance means:a basic employee benefit Under which an employer buys a master policy and issues to employees certificates denoting participation in the plan. Group life is also available through unions and associations. It is usually issued as yearly renewable term insurance […]
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Gross Profit Percentage
Description and Definition of Gross Profit Percentage The percentage of payments that you receive, such as from installment sales or annuities, which is from your profit, gains, or investment earnings. Resources See Also Further Reading Gross Profit Percentage in the West's Tax Law […]
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Gross Income
Gross Income means:the total of a taxpayer's income from any source, except items specifically excluded by the Internal Revenue Code and other items not subject to tax. Former IRC (check if this IRC provision is current here) §61. See Gross Income and Gross Income. Money, goods, […]
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Gross Dividends
Description and Definition of Gross Dividends The total of all dividends you received. Your gross dividends are the sum of any ordinary dividends, capital gains distributions, and nontaxable distributions you received during the tax year. Ordinarily "Gross Dividends" are paid by […]
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Gross Profit
Description and Definition of Gross Profit The amount by which net sales exceed the cost of goods sold. Resources See Also Further Reading Gross Profit in the West's Tax Law Dictionary Gross Profit in "A Dictionary of Taxation"
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Gross Receipts
Gross Receipts may have one of the following meanings, depending the context of the term: 1. The total sales of a business in a year, before deductions for returns and allowances or trade discounts, constitute the gross receipts. 2. For purposes of the built-in gain tax, the gross receipts of […]
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Gross Income Test
Description and Definition of Gross Income Test In order for you to claim a dependency exemption your dependent must meet this and four other tests. To meet this test your dependent must have less than $2,700 in total income during the tax year. If this person is your child under 19 years old, […]
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Grantor-retained Unitrust
About Grantor-retained Unitrust: Grantor-retained Unitrust (GRUT) is a trust in which the grantor retains a qualified unitrust interest. A GRUT pays the income beneficiary a fixed percentage that is not less than 5% of the net fair market value of its assets (as valued annually). See also other Tax …
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Grantor-retained Annuity Trust
About Grantor-retained Annuity Trust: Grantor-retained Annuity Trust (GRAT) is a trust in which the grantor retains a qualified annuity interest. A GRAT provides for a guaranteed fixed income payment based on the value of the assets at the time they are initially transferred to an irrevocable trust….