Tax

Tag: GR

  • Gramm-rudman-hollings Amendment

    About Gramm-rudman-hollings Amendment: federal legislation passed in 1986 that sets budget deficit goals and mandates a reduction in federal expenditures if Congress does not meet the annual goals. see Tax Code in the U.S. Encyclopedia and <a href="http://lawin…

  • Group Legal Services Plan

    Group Legal Services Plan means:a plan under which the legal services provided or the amounts paid for them are tax free. Also, employer contributions to a qualified group legal services plan are deductible by the employer and excludable from the gross income of the employee. Former IRC (check <…

  • Grantor

    Grantor means:a person who gives a deed or creates a trust. Grantors include: • an individual (former) owner. • a bankruptcy trustee. • a guardian for an incompetent. • an individual who places his or her assets in a trust….

  • Grace Period

    Grace Period means:a period of time, specified in certain tax provisions, to allow for certain deductions, elections, or other events. The period following the due date of taxes during which legal action for recovery of delinquent taxes will not be instituted and interest will not commence to ru…

  • Group Exemption Letter

    Group Exemption Letter means:a ruling or determination letter issued to a central organization and recognizing on a group basis the exemption under Section 501(c) of subordinate organizations on whose behalf the central organization has applied for recognition of exemption. A central organizatio…

  • Grandfather Clause

    Grandfather Clause means:a provision included in a new tax rule that exempts from the rule a person or business already engaged in the activity coming under regulation.U.S. and other Developed Countries International Tax MeaningClause temporarily preserving legislation which exists at t…

  • Gross Production Tax

    Gross Production Tax means:a severance tax imposed on mining companies by states at a certain sum per unit of mineral removed. The gross production tax is deductible for federal tax purposes….

  • Grantor Lead Trust

    Grantor Lead Trust means:a trust whereby the income from property is paid to a grantor for a period of years and the remainder accrues to a younger-generation beneficiary. The grantor is treated as the owner of the trust and taxed on the income….

  • Grantor-retained Interest Trust

    Grantor-retained Interest Trust means:a trust in which the grantor retains an income interest in property while giving away the principal interest. The donor receives a current income tax deduction that is equal to the present value of the interest in an asset given to a charity (using 10% prese…

  • Green Card Test

    Green Card Test means:a test involving resident aliens. (A Green Card is an entry document issued by the United States immigration and Naturalization Service (INS) that permits foreign nationals to live permanently in the US and undertake employment). A resident alien is a U.S. resident for back…