Tax

Tag: PH

  • Physical Presence Test

    Physical Presence Test means:a test of eligiblity for the exclusion of foreign-source earned income. To qualify, a U.S. citizen must spend 330 full days in a foreign country or countries during any 12 consecutive months. Former IRC (check if this IRC provision is current here) […]

  • Philippines

    Philippines Charitable Giving Assistance Act Issue You may find information about Philippines Charitable Giving Assistance Act in this Tax Platform of the American Encyclopedia of Law.

  • Physical Depreciation

    About Physical Depreciation: Physical Depreciation (physical Deterioration) is the loss of value from all causes of age and the action of the elements. Sources of physical depreciation include breakage, deferred maintenance, effects of age on construction material, and normal wear and tear. Deprecia…

  • Phantom Stock Plan

    Phantom Stock Plan means:a deferred-compensation plan that uses the employer's stock in the business as a measuring rod for determining the value of the compensation payment. Hypothetical shares of stock are allocated to the employee, and memorandum entries are made to his or her account as the …

  • Phinet

    Phinet means:a national computer network originally owned by Prentice-Hall; later called TAXRIA and owned by Research Institute of America….

  • Physical Inventory

    Physical Inventory means:an actual count of the items in inventory, as contrasted with accepting the values shown on accounting records….

  • Phantom Taxable Income

    Phantom Taxable Income means:income that arises because estates and trusts are not allowed to deduct part of certain items (such as passive activity losses and personal or consumer interest) and because income tax laws and state laws differ concerning principal and income interests. See also <a …

  • Phase-in

    Phase-in means:the system whereby Social Security benefits are taxed as the incomes of elderly recipients increase (the counterpart of the phase-out of deductions)….

  • Phase-outs

    Phase-outs means:the reduction or elimination of various tax benefits and detriments as a taxpayer's income exceeds specified levels. Examples of phase-outs are the child care credit, credit for the elderly or disabled, earned income credit, rental housing loss deduction, and the deduction for i…

  • Phase-out of Personal Exemptions

    Phase-out of Personal Exemptions means:the reduction in personal exemptions as income rises. Taxpayers whose Adjusted Gross Incomes (AGIs) exceed a prescribed threshold must reduce or eliminate the deductions for personal exemptions to which th…