Tag: SP
-
Spousal Ira
Spousal Ira means:an individual retirement account created in the name of a nonworking spouse. The maximum contribution is $2,250 per couple, as compared with a $2,000 limit per working individual. The $2,250 may be divided between the spouses' separate IRA accounts according to […]
-
Specific Identification Inventory Valuation Method
Description and Definition of Specific Identification Inventory Valuation Method A method of tracking each specific item of inventory. Specific identification is usually used for large, easily traceable items, such as vehicles or furniture. Resources See Also Further Reading Specific […]
-
Specific Use
Description and Definition of Specific Use A power of attorney for a limited purpose. The IRS does not record these in the Centralized Authorization File (CAF). The person who holds the power of attorney must bring a copy of it to each meeting with the IRS. Resources See Also Further Reading […]
-
Special Needs Child
Description and Definition of Special Needs Child A child who has been determined by a state to have special needs – because of the child's age; ethnic background; whether the child is a member of a minority or sibling group; medical condition; and mental, physical, or emotional handicaps. […]
-
Specific Charge-off Method
About Specific Charge-off Method: Specific Charge-off Method (bad Debts) is the deduction of bad debt for an uncollectible account receivable at the time the specific receivable becomes worthless, after all possible methods of collection have been pursued. Accrual basis taxpayers must use this metho…
-
Split-dollar Life Insurance Premiums
About Split-dollar Life Insurance Premiums: in relation to life insurance premiums, an arrangement whereby an employer pays a part of the premiums for an employee that is equal to the increase in the cash surrender value of the policy, and the employee pays the remainder. At death, the employer rece…
-
Specific Lien
Specific Lien means:a charge against a certain piece of property making it a security for the payment of a debt (i.e., tax liability)….
-
Split-up
Split-up means:a form of corporate reorganization by which a corporation splits into two or more smaller corporations and the stock of the new corporations is distributed tax free to the shareholders of the original corporation, who in turn surrender the stock of the original corporation. Under …
-
Special Estate Tax Lien
Special Estate Tax Lien means:a lien effective for 10 years, that is attached only to assets included in and taxed as gross estate and not used to pay administration expenses….
-
Special Agent
Special Agent means:a member of the IRS's Criminal Investigation Division whose function is to develop criminal cases against taxpayers….