Tag: SP

Special Work Clothes means:clothing required for the performance of one's job and not suitable for wear when not working. The cost of such clothing is a miscellaneous itemized deduction, subject to the 2% Adjusted Gross Income floor. Example of…

Spread means:the difference between the fair market value of stock at the exercise date and the option price. Can be used in many contexts to denote the margins on financial transactions. For example, the spread of an option is the difference between the fair market value of stock at the exercis…

Special-use Valuation means:the practice of applying the value of property included in a decedent's gross estate and being used for fanning purposes or closely held businesses at an amount based on the use of this property, instead of fair market value. Former IRC (check <a href="http://lawi.us/…

Special Power of Appointment means:the power to appoint anyone other than the four parties covered by the relevant general power of appointment. Former IRC (check if this IRC provision is current here) §§2041 and 2514….