Tag: PA
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Passive Foreign Investment Company
About Passive Foreign Investment Company: Passive Foreign Investment Company (PFIC) is a foreign corporation (whether or not a controlled foreign corporation) if (1) 75% or more of its gross income for the taxable year is passive activity income, or (2) at least 50% (by value) of its assets produce,…
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Part-time
Part-time is a legal term that is. referring to employment that represents less than a full-time organizational commitment on the part of the employee. Part-time employees usually do not receive the same health insurance, retirement, and other benefits that full-time employees receive. For qualified…
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Parent Corporation
Parent Corporation means:a company that owns or controls one or more subsidiary corporations through the ownership of voting stock. Business with a substantial participation in the share capital of another business, called the subsidiary. A parent company is usually an operating company in its o…
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Passive Income Generator
Passive Income Generator means:a business or investment that produces passive activity income that can be used to offset passive activity losses. Example of Passive Income Generator: Learn more about tax examples, explanations…
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Payroll Factor
Payroll Factor means:a factor in an apportionment formula; a fraction whose numerator is the total amount that an entity paid or accrued for compensation in a particular state during a tax period, and whose denominator is the total amount paid or accrued by the entity everywhere for compensation…
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Pass-through Entity
Pass-through Entity means:a nontaxable entity such as a partnership, limited partnership, S corporation, simple trust, estate, regulated investment company, or real estate investment trust. Generally, the income or expense is passed to the underlying owner and retains its character as, for examp…
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Partner
Partner means:a member of a partnership, which may be a syndicate, association, pool, joint venture, or other unincorporated organization. Partners generally include in their personal tax returns their pro-rata shares of partnership ordinary income, capital gain, charitable contributions, and so…
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Past Service Benefit
Past Service Benefit means:a private pension plan credit given for an employee's past service with an employer before the establishment of the pension plan. Usually, a lower percentage of compensation is credited for benefits for past service than for future service benefits, since the employee'…
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Patron
Patron means:a person who does business with a cooperative, but is not necessarily a member….
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Pay-as-you-go Tax System
Pay-as-you-go Tax System means:a system that requires an employer to withhold for taxes a specified portion of an employee's salary. The estimated tax payment system is also a form of pay-as-you-go approach….