Tax

Tag: LI

  • Like Kind Exchange

    Description and Definition of Like Kind Exchange The tax deferred exchange of property used in a business or held for investment – not including securities and indebtedness or interests such as stocks and bonds – that is similar to another for which it has been exchanged. The definitions of […]

  • Lifetime Learning Credit

    Description and Definition of Lifetime Learning Credit A tax credit of up to $1,000 a year for qualified post-secondary and job-training educational expenses. Resources See Also Further Reading Lifetime Learning Credit in the West's Tax Law Dictionary Lifetime Learning Credit in "A […]

  • Listed Property

    Listed Property means:automobiles, computers, and cellular phones that are subject to the 50% business use test. "Listed property" is the term used for depreciable assets that Congress has put on a special list for special scrutiny by the IRS. If listed property is used […]

  • Limited Partner

    About Limited Partner: Limited (special) Partner is, within a limited partnership, a part owner whose liability is limited to the amount invested and whose role in business management is restricted. Tax law generally treats income or loss from limited partnerships as passive income (loss), […]

  • Limitations

    Elective Deferral Limitations Issue You may find information about Elective Deferral Limitations in this Tax Platform of the American Encyclopedia of Law.

  • List of Common Tax Return Errors

    List of Common Tax Return Errors List of Common Tax Return Errors By Julian Block (2013), former IRS Special Agent and tax Editor of Mutual Funds Magazine. To avoid common tax return errors use the checklist below. Tax Return Common Error Checklist The following checklist may help you avoid errors on your tax return: Did…

  • Litigation Costs

    About Litigation Costs: cost that may be awarded (along with administrative costs) to the prevailing party (other than the United States or a creditor of the taxpayer) in most civil tax litigation. IRC (check if this IRC provision is current…

  • Lien

    Lien means:a charge or legal claim against property, making it security for the payment of a debt, judgment, mortgage, or taxes; it is a type of encumbrance. A specific lien is against certain property only. A general lien is against all the property owned by the debtor. IRC (check <a href="http…

  • Liability

    Liability may have one of the following meanings, depending the context of the term: 1. money owed. 2. an obligation to do or refrain from doing something. liabilities may be treated as money, as under the Crane doctrine. See also other Tax Terms and Definitions in U.S.A. personal liability. A lega…

  • Liquidation Dividend

    Liquidation Dividend means:a dividend resulting from winding up the affairs of a business, settling with its debtors and creditors, and appropriating and distributing to its shareholders a residue proportionate to the profit that was realized. See Dividend in t…