Tag: Tax Terms

  • Amount Realized

    Amount Realized means:the amount received by a taxpayer on the sale or other disposition of property. It includes the sum of cash, fair market value of any property or services received, and any debt assumed by the buyer. Former IRC (check if this IRC provision is current here) […]

  • Securities

    Securities means:any shares of stock in any corporation, certificates of stock or interest in any corporation, notes, bonds, debentures, or evidence of indebtedness, or any evidence of an interest in or right to subscribe to or for the purchase of any of the foregoing. U.S. and other […]

  • Fringe Benefits

    Fringe Benefits means:indirect deductible compensation provided to an employee, usually including health and life insurance as well as a pension. Benefits supplementing normal wages or salaries. Although benefits were initially quite minimal, they have subsequently become among the […]

  • Tax Shelter

    Tax Shelter means: any partnership or other entity, any investment plan or arrangement, or any other plan or arrangement the principal purpose of which is to avoid or evade federal income tax. An item of income, gain, loss, deduction, or credit is a "tax shelter item" if the item is […]

  • Current Assets

    Current Assets means:the cash, accounts receivable, inventory, and other assets that are likely to be converted into cash, sold, exchanged, or expensed in the normal course of business, usually within a year. Description and Definition of Current Assets Current assets are assets of a […]

  • Principal Place of Business

    Principal Place of Business means:the place where a person conducts most of his or her business activities, where the person does business most of time. Two primary considerations in deciding whether a home office is a person's principal place of business, and therefore deductible, […]

  • Probate Estate

    Probate Estate means:the property passing by will or by operation of state intestate succession law from a decedent to his or her heirs or other beneficiaries. Probate estate may be quite different from gross estate. Description and Definition of Probate Estate Property held in a […]

  • Salvage Value

    Salvage Value means:the estimated value of a property when the owner completes his or her use of it. In determining the amount of depreciation allowable for accounting purposes, salvage value must be subtracted from basis. Value of tangible depreciable property when it is retired from […]

  • Stock

    Stock means:any shares representing ownership in any corporation or certificates or ownership interest in any corporation. Description and Definition of Stock Stock evidences an ownership interest in a corporation. Resources See Also Further Reading Stock in the West's Tax Law […]

  • Boot

    Boot means:unlike property included to balance the values of like properties exchanged. Example of Boot: Learn more about tax examples, explanations and calculations here. In an exchange of property under Section 1031 of the Internal Revenue Code, Collins exchanges her warehouse, worth […]