Tag: PR
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Proposed Regulations prior 2008
Proposed Regulations prior 2008 2010 and after: From IRBs after January, 2010: For information about proposed regulations after january 2010 and information in general about tax proposed regulations, click here. 2008: From IRBs in the first half of 2008: For information about proposed regulations in 2008, click here 2008: From IRBs in the second half…
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Procedural Rules
Procedural Rules Revenue Procedures and Procedural Rules (Publication) Citing Revenue Procedures and Procedural Rules with Bluebook See Bluebook Rule 14.5.2(a). Examples of Revenue Procedures: Rev. Proc. 85-47, 1985-2 C.B. 39. Rev. Proc. 85-47, 1985-37 I.R.B. 10. Examples of Procedural Rules: See Bluebook Practitioners’ Notes P.5 for information on citing the current version of federal Treasury…
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Production of Income Expense
About Production of Income Expense: all ordinary and necessary business expenses incurred for the production or collection of income, for the management, conservation, or maintenance of property held for the production of income, or in connection with the determination, collection, or refund of any …
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Proxy Tax
About Proxy Tax: effective beginning in 1994, a tax on an organization's lobbying and political expenditures that exceed the estimated allocable amount of such expenditures. See also other Tax Terms and Definitions in U.S.A. lobbying expenditures….
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Preferred Stock Bailout
About Preferred Stock Bailout: before passage of Former IRC (check if this IRC provision is current here) §306, a technique whereby shareholders would withdraw corporate earnings and profits as long-term capital gains by issuing tax-fre…
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Prior Taxed Income
About Prior Taxed Income: The Prior Taxed Income (PTI) before 1983 was an account similar to the accumulated adjustment account in an S corporation. When a C corporation becomes an S corporation, it may have prior taxed income. In general, cash distributions from PTI are tax free to the shareholder….
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Prorated personal exemption
About Prorated personal exemption: Prorated personal exemption is the amount allowed to a resident multiplied by the Deduction and Exemption Ratio, Line 14g, the numerator of which is some States (like Massachusetts) gross income (from sources within some States (like Massachusetts)) and the denomin…
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Previously taxed contribution
About Previously taxed contribution: Previously taxed contributions in some States (like Massachusetts), are contributions for which those States deduction was not allowed at the time an individual contributed to certain retirement savings accounts such as an IRA account. For Previously Taxed Income…
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Pretax Earnings
About Pretax Earnings: Pretax Earnings (pretax Profit) is the net income (earnings or profit) before federal income taxes. See also the entries Income Tax and State Income Tax in the American Encyclopedia of Law….
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Projected Benefit Cost Method
Projected Benefit Cost Method is. one of two basic actuarial methods employed to calculate an employer's contribution to a qualified defined-benefit pension plan. This approach assumes that benefits accrue over the entire time of participation by a plan participant. See also other Tax Terms and Defi…