Tax

Tag: SU

  • Supreme Court Reporter

    Supreme Court Reporter means:a publication of West Publishing Company that publishes Supreme Court decisions….

  • Substitute Return

    Substitute Return means:a tax return prepared by the U.S. Internal Revenue Service when a taxpayer will not prepare a return or provide records to the IRS. The tax courts will accept substitute returns, especially of tax protestors….

  • Surtax

    Surtax means:an additional tax, based on the amount of the basic tax. Under the 1993 tax act, a 10% surtax will be added to the 36% marginal tax rate for taxable incomes above $250,000 for individuals, making the highest tax rate 39.6% (36% + 3.6% = 39.6%). See <a href="http://lawi.us/tax-rate/"…

  • Surviving Spouse

    Surviving Spouse means:a widow or widower. A surviving spouse may file a joint return with the deceased spouse in the year of the latter's death and may use joint return tax rates for 2 years following the death of the deceased spouse if the survivor remains unmarried and maintains a home for a …

  • Substantial Valuation Understatement

    Substantial Valuation Understatement means:an understatement whereby the price for any property or services in a transfer pricing transaction is 50% or less of the correct price determined under Section 482. A 20% penalty applies to the underpayment of tax. See also other Tax Terms and Definitio…

  • Supporting Schedules

    Supporting Schedules means:pages attached to a tax return by a taxpayer, typically when the U.S. Internal Revenue Service (IRS) Form (see if this Form is current here) …

  • Subpart F Income

    Subpart F Income means:income that includes passive activity income and certain types of active income considered particularly mobile (but not active business income). See Subpart F below. See also controlled foreign corporation. Former IRC (check <a href="http://lawi.us/internal-revenue-code-pr…

  • Subdivided Real Property

    Subdivided Real Property means:real estate that has been subdivided for sale. Capital gain treatment is generally available to a real estate investor on the sale of five subdivided lots, but any gain is ordinary income on all sales after the fifth lot. See Former IRC (check <a href="http://lawi….

  • Substituted Basis

    Substituted Basis means:property that has either an exchanged basis or a transferred basis. Exchanged basis is an amount determined by the basis of other property held by the owner. Transferred basis is an amount determined by the basis of other property in the hands of the donor, grantor, or ot…

  • Substantial Understatement Penalty

    Substantial Understatement Penalty means:the penalty that applies to any portion of an underpayment of income tax required to be shown on a tax return that is attributable to a substantial understatement of that income tax. Generally, the amount of an understatement of income tax is the excess o…