Tag: UN

Unrelated Person means:a person who does not fit into any of the categories listed under related parties….

Units-of-production Method means:a tax accounting method whereby a provision for depreciation is computed at a fixed rate per unit of product, based on an estimate of the total number of units the property will produce during its service life. This method is useful only when the total number of …

Undue Hardship means:a substantial financial loss that would result to a taxpayer from making payment on the due date of the amount of taxes with respect to which the extension is desired. Undue hardship is a condition precedent to the granting of an extension of time to make a tax payment….

Unitary State means:a state that adopts the unitary business theory in the apportionment of the total taxable income of a multistate corporation to that particular state….

Unmarried Taxpayer means:a taxpayer who is single or who has obtained a final decree of divorce or separate maintenance or a decree of annulment by the last day of the tax year; an unmarried taxpayer is considered unmarried for the entire year. Former IRC (check <a href="http://lawi.us/internal-…

Unemployment Insurance Tax means:a tax deductible as a business expense of an employer. See also other Tax Terms and Definitions in U.S.A. Federal Unemployment Tax Act….

Unit-livestock-price Method means:an elective method used by livestock raisers to value at a standard unit price each animal within a class. For example, if a cattle raiser determines that it costs about $150 to produce a calf and $75 each year to raise the calf to maturity, the classifications …

Undivided Interest means:an ownership right to use and possession of a property that is shared among co-owners, with no one co-owner having exclusive rights to any portion of the property. Example of Undivided Interest: Learn …

Unincorporated Association means:an organization formed by a group of people. If the organization has too many characteristics of a corporation, it may be treated like one for income tax purposes. Unique corporate characteristics are: • perpetual life. • limited liability. • free …