Tag: RE

About Reciprocal Trust Doctrine: The Reciprocal Trust (cross-trust) Doctrine is a judicial concept that switches grantors of trusts in order to prevent tax avoidance. Example of Reciprocal Trust Doctrine: Learn more about tax exam…

About Revenue Procedure: Revenue Procedure (Rev. Proc.) is an official published statement by the IRS of US about procedural and administration aspects of the tax laws. For more information about Revenue Procedure, click here. For an <a href="http://la…

About Reserve Method: Reserve Method (bad Debts) is the accrual of bad-debt expense based on the projected worthlessness of accounts receivable or prior experience with uncollectible receivables. The use of the reserve method by accrual basis taxpayers is permitted only for some small banks and thri…

About Remainderperson: Remainderperson (also called “remainderman”) is the beneficiary of a trust other than the life beneficiary. The remainderperson receives the corpus after the death of the life beneficiary. See Inheritance Tax and <a href="http://la…

About Related Parties: Parties defined, for purposes of disallowing a loss on the sale or trade of property between related parties, as follows: • family members (i.e., brothers, sisters, half-brothers, half-sisters, spouses, ancestors, and lineal descendants). • a corporation in which the…

About Real Estate Mortgage Investment Conduit: Real Estate Mortgage Investment Conduit (remic) was an entity whose purpose is to hold a fixed pool of mortgages and issue interests in itself to mortgage investors. A REMIC may be a partnership, corporation, trust, or separate pool of assets. REMICs ar…

About Regular Installment Method: The Regular Installment Method (estimated Tax) is a method of calculating quarterly estimated tax payments for persons whose incomes are earned ratably throughout the tax year. The total estimated tax payment required for the year is divided by 4 to determine the am…

Religious Organization is used. when such an association or corporation has a common or community treasury, it is tax exempt even if such association or corporation engages in business for the common benefit of the members. The members must include in their gross incomes their entire pro rata shares…

Revenue Neutrality is a legal term that is. referring to changes in the tax laws that result in no alteration in the amount of revenue coming into the government's coffers. Constraints on tax reform that it should not change revenues available to government in any significant way. For example, a pro…

Retirement Program is. one of five programs in the Social Security System under which monthly payments are made to retired workers who have enough Social Security credits. Payments may also be made to the retired worker's spouse….