Tag: International Tax Law
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Trade
Trade means:a business, profession, or occupation; but also may be a commerce transaction. A trade often implies (or may imply) a skilled handicraft, which is pursued on a continuing basis, such as carpentry. Trade or business expenses are deductible, in contrast to nondeductible […]
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Capital Expenditure
Capital Expenditure means:an improvement (as distinguished from a repair) that will have a life of more than 1 year. Capital expenditures are generally depreciated or depleted over their useful life, as distinguished from repairs, which are subtracted from the income of the current year. […]
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Excise Tax
Excise Tax means:a tax imposed on an act, occupation, privilege, manufacture, sale, or consumption. In recent years, this term has been applied to just about every tax except the income tax and the property tax. In general, federal, state, and local excise taxes (e.g., on tobacco, […]
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Common Stock
Common Stock means:security representing an ownership interest in a corporation. Ownership may also be shared with preferred stock, which has prior claim on any dividends to be paid and, in the event of liquidation, to the distribution of the corporation's assets. Dividends from […]
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Corporation
Corporation means:a legal entity, generally chartered by a state and separate and distinct from the persons who own it, giving rise to a jurist's remark that it has "neither a soul to damn nor a body to kick." Nonetheless, it is regarded by the courts as an artificial […]
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Cost of Goods Sold
About Cost of Goods Sold: Cost of Goods Sold (COGS) ia figure representing the cost of buying raw materials and producing finished goods. Included are clear-cut factors, such as direct factory labor, as well as others that are less clear-cut, such as overhead. U.S. and other Developed […]
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Withholding
Withholding means:the retaining ("pay-as-you-earn" taxation) by an employer of a portion of an employee's wages for the purpose of paying for various taxes, insurance plans, pension plans, union dues, and other deductions. Money, for example, that employers withhold from […]
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Balance Sheet
Balance Sheet means:a financial statement that gives an accounting picture of the property owned by a company or individual and of claims against that property on a specific date. The left (debit) side of a balance sheet lists assets; the right (credit) side shows liabilities and […]
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Partnership
Partnership means:an organization of two or more persons (individuals or companies) who pool some or all of their resources, abilities, and skills in a business and divide the profit or loss in predetermined proportions. Association of two or more person formed for the purpose of making […]
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Deficiency
Deficiency means:the excess of a taxpayer's correct tax liability for the taxable year over the amount of taxes previously paid for that year. It is a concept used in the United States. The U.S. Internal Revenue Service is authorized to assess deficiencies during an audit of the […]