Tax

Tag: LE

  • Legatee

    Legatee means:a person who receives property by will. See also other Tax Terms and Definitions in U.S.A. devisee….

  • Legal Representative

    Legal Representative means:a person who oversees the legal affairs of another person (e.g., the executor or administrator of an estate)….

  • Lease Bonus

    Lease Bonus means:an amount paid to induce a lessor to execute a mineral lease. Such payment is taxable production income to the lessor-payee. The lessee-payor treats the payment as product cost for depletion purposes and as a capital expenditure for tax purposes. The percentage depletion method…

  • Legislation

    Legislation means:an action with respect to acts, bills, and resolutions or similar items by Congress, a state legislature, a local governing body, a public referendum, or a constitutional amendment. Legislation does not include acts or rulings of executive, judicial, or administrative bodies. s…

  • Leasehold Improvements

    Leasehold Improvements means:fixtures attached to real estate that are generally acquired and installed by the lessee. Upon expiration of the lease, the tenant can generally remove them, provided that such action does not damage the property or conflict with the lease. For example, the cabinets,…

  • Legging-in

    Legging-in means:entering into a hedging contract after becoming the debtor or creditor under a debt instrument. Any gain or loss from legging-in is deferred until the qualifying debt instrument matures or is disposed of in the future. Former Tax Regulation (check <a href="http://lawi.us/tax-reg…

  • Legging-out

    Legging-out means:disposing of one or more unmatured elements of a qualified hedging transaction. Any gain or loss from legging-out is deferred until the qualifying debt instrument matures or is disposed of in the future. Former Tax Regulation (check <a href="http://lawi.us/tax-regulations-index…

  • Lessor

    Lessor means:the owner of property that is leased to a tenant; same as landlord. See also other Tax Terms and Definitions in U.S.A. lease; rent….

  • Legacy

    Legacy means:the disposition by will of personal property. See also other Tax Terms and Definitions in U.S.A. bequest….

  • Leasehold Costs

    Leasehold Costs means:the costs of purchasing and maintaining a mineral lease, not including intangible drilling and development costs. Leasehold costs are capitalized as part of the cost of the property….