Tax

Tag: PE

  • Pension

    Description and Definition of Pension A retirement plan. Payments to employees from an employer funded retirement plan for past services rendered. Resources See Also Further Reading Pension in the West's Tax Law Dictionary Pension in "A Dictionary of Taxation"

  • Percentage Depletion

    Description and Definition of Percentage Depletion A deductible expense, similar to depreciation, allowed for the using up or depletion of a natural resource, such as timber or minerals. This method applies a fixed percentage to the gross income generated by sales. Resources See Also Further […]

  • Personal Use Property

    Description and Definition of Personal Use Property Property not used in a trade or business and not held as an investment. Personal automobiles and home furnishings are examples of personal use property. Resources See Also Further Reading Personal Use Property in the West's Tax Law […]

  • Penalty

    Penalty means:the money or other cost one person pays for breaking a tax law or violating part or all of the terms of a contract. The General Laws of some States (like Massachusetts) provide for the imposition of penalties when taxpayers fail to comply with those States' tax laws. […]

  • Personal Representative

    Description and Definition of Personal Representative One who represents another person. A party who is in charge of a decedent's property and responsible for distributing property to the beneficiaries. Resources See Also Further Reading Personal Representative in the West's Tax Law […]

  • Personal Exemptions

    Description and Definition of Personal Exemptions An amount of income a taxpayer can receive tax free unless he or she may be claimed as a dependent by another taxpayer. Married taxpayers filing jointly receive two exemptions. Taxable income is reduced for each exemption. Exemptions are phased […]

  • Personal Service Activity

    Description and Definition of Personal Service Activity A business whose main activity is the performance of personal services. The fields of health, law, engineering, architecture, accounting, actuarial sciences, performing arts, and consulting are personal service activities. Resources See […]

  • Personal Property

    Personal Property means:things movable, as distinguished from real property, or things attached to the realty; also called personalty. Anything that is not real property is personal property. The main characteristic of personal property is that it is movable without causing damage to […]

  • Personal Income Tax

    Description and Definition of Personal Income Tax A tax levied on each citizen's personal income. Resources See Also Further Reading Personal Income Tax in the West's Tax Law Dictionary Personal Income Tax in "A Dictionary of Taxation"

  • Personal Exemption

    Personal Exemption means, in determining taxable income, an individual exemption for which a taxpayer is entitled to a deduction. Can be claimed for the taxpayer and spouse. Each personal exemption reduces the income subject to tax by the exemption amount. A separate personal exemption is […]