Tag: LA

  • Land

    Land means:real estate or real property, or any tract that may be conveyed by deed. Land is not subject to depreciation. Generally, the sale of land by anyone other than a dealer results in a capital gain or capital loss. However, if the land is improved by roads, utilities, or other […]

  • Last In, First Out

    About Last In, First Out: Last In, First Out (LIFO) is a method of inventory whereby the most recent items acquired are considered the first ones sold. Items in inventory at the end of the year are treated as though they had been in the opening inventory, plus or minus acquisitions. during the year …

  • Large Corporate Underpayment

    About Large Corporate Underpayment: for any taxable period, any underpayment of a tax by a C corporation that exceeds $100,000. The interest rate charged by the U.S. Internal Revenue Service is the short-term applicable federal rate plus 5 percentage points, as compared to an additional 3 percentage…

  • Law

    Law may have one of the following meanings, depending the context of the term: 1. the legislative pronouncement of rules to guide an individual's actions in society (e.g., the Internal Revenue Code of 1986). 2. the total of the rules of conduct put into force by legislative authority or court decisi…

  • Landmark Decision

    Landmark Decision means:a case that sets an important precedent….

  • Landlord

    Landlord means:a person who rents property to another, a lessor. A property owner who surrenders the right to use property for a specific time in exchange for the receipt of rent. The landlord retains title to the property, but the rights of the tenant, or lessee, are spelled out in a lease….

  • Lavish Or Extravagant Expense

    Lavish Or Extravagant Expense means:an expense that is not reasonable based on the facts and circumstances. Such expense is not deductible….

  • Last Known Address

    Last Known Address means:the address that appears on a taxpayer's most recently filed return unless the U.S. Internal Revenue Service has been given clear and concise notification of a different address. A notice of deficiency is valid only if it is sent to a taxpayer's last known address. Abele…