Tag: International Tax Law
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Tax Evasion
Tax Evasion means:any method of avoiding or reducing taxes not permitted by law. A failure to pay or a deliberate underpayment of taxes. Such evasion, which involves deceit, subterfuge, camouflage, concealment, or an attempt to color or obscure events, carries heavy penalties. It is not […]
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Amortization
Amortization may have one of the following meanings, depending the context of the term: 1. the systematic write-off of costs incurred to acquire an intangible asset, such as patents, copyrights, and organization expenses, over its useful life. Former IRC (check if this IRC provision is current […]
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Capitalize
Capitalize may have one of the following meanings, depending the context of the term: 1. to record capital outlays as additions to asset accounts, not as expenses. See also capital expenditure. 2. to convert a lease obligation to an asset/liability form of expression called a capital lease; […]
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Company
Company means:a group of people organized to perform an activity, business, or industrial enterprise.U.S. and other Developed Countries International Tax MeaningOften used to mean a separate legal entity (a corporation) organized to perform an activity, business or industrial enterprise…
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Intangible Property
Intangible Property means:possessions that only represent value, such as stock certificates, bonds, promissory notes, and franchises, and lack intrinsic worth. See Section 197 Intangibles.U.S. and other Developed Countries International Tax MeaningProperty which has no physical existenc…
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Holding Company
Holding Company means:a business entity (like a corporation or company) organized for the purpose of owning stock in and managing one or more other corporations. Holding companies traditionally own many corporations in widely different business areas. See also brother-sister controlled group of …
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Hybrid Accounting Methods
Hybrid Accounting Methods means:methods that are neither strictly cash nor strictly accrual but combine elements of both. A taxpayer may use a hybrid accounting method authorized by the Treasury regulations if it clearly reflects income and is consistently used, and also may use different accoun…
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Associated Companies
About Associated Companies: Generally speaking, companies are associated where the same persons participate directly or independently in the management, control or capital of both companies, i.e. both companies are under common control….
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Malpractice
Malpractice means:improper or immoral conduct of a professional in the performance of his duties, done either intentionally or through carelessness or ignorance; commonly applied to accountants, tax preparers, and lawyers to denote negligent or unskillful performance of duties where professional…
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Administrative Expense
About Administrative Expense: There are several type of expenses often grouped with general expense. Like in many OCDE countries, administratives expenses are defined as “expenses that are not as easily associated with a specific function as are the direct costs of manufacturing and selling. Adminis…