Tag: LU
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Lump-sum Distribution
The Lump-sum Distribution are. payment at one time, rather than in installments, of the entire amount of retirement benefits due. The payment within one year of the full amount of your interest in a pension or profit-sharing plan. See also five-year averaging; ten-year averaging subject to […]
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Luxury Automobile Limits
Description and Definition of Luxury Automobile Limits A ceiling limiting the annual depreciation deductions for autos used for business. Resources See Also Further Reading Luxury Automobile Limits in the West's Tax Law Dictionary Luxury Automobile Limits in "A Dictionary of […]
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Luxury Automobile
About Luxury Automobile: for purposes of listed property depreciation limitations, any four-wheeled vehicle manufactured for use on public streets and highways, with an unloaded gross weight of 6,000 pounds or less and a cost of $13,800 or more (as of 1992). In the case of luxury cars, there are spe…
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Luxury Tax
Luxury Tax means:an excise tax imposed on the first retail sale of cars, boats, planes, jewelry, and furs priced in excess of specified amounts. Indirect ad valorem tax imposed on supplies of specific non-essential and normally expensive commodities that are arbitrarily considered (e.g. toiletri…
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Lump-sum Purchase
Lump-sum Purchase means:the acquisition of two or more assets for one price. For tax purposes, the acquisition price is allocated to the assets based on their relative fair market values. For example, land and a building having separate fair market values of $30,000 and $70,000, respectively, ma…