Tax

Tag: LI

  • Litigation Support

    Litigation Support means:any professional assistance nonlawyers provide to lawyers in the litigation process. Persons involved in litigation support (such as forensic accountants) perform investigative accounting, auditing, and tax determinations, provide expert testimony, or produce financial v…

  • Liability Insurance

    Liability Insurance means:protection from claims arising from injuries or damage to other people or property. Liability protection is very important for motor vehicle, home, and business owners. Business liability insurance premiums are deductible….

  • Like-kind Property

    Like-kind Property means:property that qualifies for a tax-deferred exchange. IRC (check if this IRC provision is current here) § 1031….

  • Lifo Recapture

    Lifo Recapture means:recapture of the excess of first in, first out (FIFO) inventory over the LIFO inventory on a C corporation's last day before an S corporation election becomes effective. One-fourth of the additional tax caused by this LIFO recapture is paid by the due date of the last C corp…

  • Living Expenses

    Living Expenses means:reasonable and necessary expenses incurred, as a result of the loss of use or occupancy of a principal residence, to maintain the taxpayer and members of the household in accordance with customary standards of living. Examples include the cost of temporary housing, utilitie…

  • Life Expectancy Multiple

    Life Expectancy Multiple means:the life expectancy of a person in the form of a multiple in U.S. Internal Revenue Service (IRS) actuarial tables. The multiple times the annual payment yields the expected return. Example of Life Expect…

  • Liquidating Distributions

    Liquidating Distributions means:the distributions made by a corporation to shareholders during partial or complete liquidation of the corporation. A liquidating distribution is not taxable to the shareholder until his or her basis is recovered. After the basis in the stock is reduced to zero, th…

  • Liquidate

    Liquidate means:to settle; to determine the amount due and extinguish the indebtedness. Although the term more properly signifies the adjustment or settlement of debts, to liquidate often means to pay. See also other Tax Terms and Definitions in U.S.A. liquidation….

  • Limited Liability Company

    About Limited Liability Company: in most states, a form of organization that may be treated as a partnership for federal tax purposes and that has limited liability protection for the owners at the state level. Business form that combines the flexibility and tax advantages of a partnership with the …

  • Life Expectancy Tables

    The Life Expectancy Tables are. the unisex U.S. Internal Revenue Service (IRS) actuarial tables used for annuity contracts after June 30, 1986 (Tables V-VIII). Prior male-female tables (Tables I-IV) are used when the entire investment in a…