Tag: LO
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Lobbyist
Lobbyist means:a person retained, with compensation, by another for the specific purpose of influencing the enactment of legislation or the administration of rules, regulations, and policies. A person who represents the concerns or special interests of a particular group or organization in meeti…
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Long-term Contract
Long-term Contract means:any contract for the manufacture, building, installation, or construction of property if the contract is not completed within the taxable year in which it is entered into. A manufacturing contract will not be treated as a long-term contract unless it involves the manufac…
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Loss Disallowance Rule
Loss Disallowance Rule means:loss is disallowed on certain transactions between related parties….
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Low-income Housing Credit
Low-income Housing Credit means:credit available to encourage business owners to provide affordable housing for low-income individuals. The credit rate is set monthly by the U.S. Internal Revenue Service and is available over a 10-year period. For most newly constructed and substantially rehabil…
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Low-income Housing
Low-income Housing means:rental housing that is a dwelling unit for low- or moderate-income individuals and families. A beneficial low-income housing credit may be available….
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Long-term Gain
Long-term Gain means:the profit (loss) on securities or capital assets and Section 1231 assets when the interval between purchase and sale is longer than 12 months. A net long-term capital gain (LTCG) is taxed at a maximum of 28% for individuals. Only up to $3,000 of a net long-term or short-ter…
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Lobbying Expenditures
The Lobbying Expenditures are. amounts paid or incurred with the goal of influencing federal or state legislation, or any communication with certain federal executive branch officials in an attempt to influence the official actions or positions of such officials. Lobbying expenditures are not deduct…
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Loophole
Loophole means:a technicality making it possible to circumvent a law's intent without violating its letter. For instance, a tax shelter may exploit a loophole in the tax law.U.S. and other Developed Countries International Tax MeaningOpportunities available in tax law to minimize a taxp…