Tag: SP

Specific Power of Attorney means:a power of attorney (POA) that gives only a limited power as outlined in the POA document. A taxpayer may grant a specific power of attorney to a representative by using U.S. Internal Revenue Service (IRS)<…

Springing Power of Attorney means:a special type of durable power of attorney that “springs” into effect when a specific event occurs (e.g., when the grantor becomes physically or mentally incompetent)….

Sprinkling Provision means:a provision in a trust agreement that allows the trustee to invade the corpus for the surviving spouse or for the remainderperson….

Spin-off means:a type of corporate reorganization that is similar to a tax-free split-off except that the shares of the new corporation (or the subsidiary company) are distributed to the original shareholders (or the parent's shareholders) without these shareholders surrendering any of their sto…

Split-interest Trust means:a trust that is not a tax-exempt trust, that has unexpired interests not all of which are devoted to religious or charitable purposes, and that has amounts in trust for which deductions were allowed for income, estate, or gift tax purposes. Split- interest trusts are s…

Spendthrift Trust means:a trust created to provide financial maintenance for another person while securing the trust with restrictions to guard against its unwise use. Spendthrift trusts are often created by parents for their children….

Specific Economic Benefit means:an economic benefit that is not made available on substantially the same terms to substantially all persons who are subject to the income tax that is generally imposed by a foreign country; 2. or, if there is no such generally imposed income tax, an economic benef…

Special Assessment means:an assessment made against a property to pay for a public improvement (e.g., sewers, curbs, or sidewalks), by which the assessed property is supposed to be especially benefited. A special assessment is not tax deductible but is capitalized into the basis of the property….

Specific Identification means:an inventory method that considers the sale and cost of each item specifically. An investor's securities can be identified in this manner, thereby giving the investor flexibility in reporting income when the securities were acquired at different costs, since it is p…