Tax definitions C

What is means Property Community Definition shares to a husband and wife. This concept of ownership for property acquired after marriage is followed in Arizona, California, Idaho compare definition
What is means Convertible Explain under specified conditions, be exchanged for common stock or another security, usually of the same corporation why definition
What is means Stock Capital What is Shares of stock that represent ownership of a portion of the corporation how better definition
What is means Contributions Charitable Meaning qualified charitable organization. Such donations are deductible, subject to income limits, on Schedule A as itemized deductions when definition
What is means Coverdell Education Savings Account (ESA) Abbreviation any number of taxpayers may contribute up to a total of $2,000 per year per eligible beneficiary. Contributions are nondeductible. Earnings determines definition
What is means Distributions Gain Capital How to investment companies, and real estate investment trusts that represent the shareholder's portion of gain from the sale of capital comparing to definition
What is means Doctrine Equivalent Cash Help not report income until cash is constructively or actually received. Under the cash equivalent doctrine, cash-basis taxpayers are required depends on definition
What is means Loss Casualty Crossword destruction of property resulting from an identifiable event of a sudden, unexpected, or unusual nature. Examples are floods, storms, fires which definition
What is means Child Examples includes the taxpayer's son, duaghter, stepchild, eligible foster child, or a descedant of any of them, or an adopted child. It also difference definition
What is means Change in Accounting Period Encyclopedia another. Income for the short period created by the change must be annualized to calculate the tax for that period when definition
What is means Futures Commodity Information about Contracts to buy or sell a fixed amount of a commodity (wheat or soy beans, for example) for a fixed price at a future date pros and cons definition
What is means Expenses Convention Tutorial convention are deductible if the meetings are related to a taxpayer's trade or business or job-related activities. If, however, the similarities definition
What is means Year Closed Error limitations has expired. The taxpayer can't claim a refund and the IRS can't collect additional taxes (with certain exceptions how much definition
What is means Cost Answer Cash and/or the value of property given to acquire the property received how many definition
What is means Cash Method of Accounting Means what accounting, the other of which is the accrual method defined elsewhere in this glossary. Under the cash method of accounting, income is compare definition
What is means Payments Support Child Description divorce decree, or other legal obligation for the support of a taxpayer's child. Payments for child support do not constitute alimony why definition
What is means Cladr Definition See Class Life Asset Depreciation Range how better definition
What is means Condemnation Explain authority. The property is condemned as the result of legal action and the owner is compensated by the public authority. The power to when definition
What is means Cost Method of Inventory Valuation What is year at cost; that is, the invoice price less any discounts plus transportation or other costs incurred in acquiring the merchandise determines definition
What is means Bond Coupon Meaning The coupons are clipped as they come due and are presented by the bond holder for payment of accrued interest comparing to definition
What is means Callable Abbreviation be redeemed before maturity by the issuing corporation under specific conditions. The term also applies to preferred shares of stock, which depends on definition
What is means Credit Tax Child How to child under age 17 at the end of the tax year. The credit may be refundable for taxpayers with three or more children eligible for the which definition
What is means Gain Capital Help The gain from the sale or exchange of a capital asset difference definition
What is means Call Crossword An option to purchase a security at a fixed price within a specified period of time when definition
What is means Award Condemnation Examples Payment in money or replacement property that is received for property condemned by a government authority pros and cons definition
What is means Casualty Encyclopedia The complete or partial destruction of property resulting from an identifiable event of a sudden, unexpected, or unusual nature similarities definition
What is means Right Of Claim Information about some cases, claim a credit for amounts the taxpayer is required to repay that the taxpayer included in income in a prior year or years how much definition
What is means Commuting Tutorial Traveling from one's residence to one's regular place of business and back to the residence how many definition
What is means Cost of Maintaining a Home Error taxpayer's residence. These costs include rent or mortgage interest and real estate taxes, fire and casualty insurance on the dwelling compare definition
What is means Recovery Cost Answer depreciation claimed under the ACRS or MACRS methods of depreciation. See also Accelerated Cost Recovery System (ACRS) and Modified why definition
What is means Child and Dependent Care Credit Means what employment-related child and dependent care expenses for up to $6,000 of expenses is available to individuals who are employed and maintain how better definition
What is means Improvement Capital Description useful life of a property or add to its value. Major repairs such as the replacement of a roof are capital improvements. The costs of when definition
What is means Certificate Definition The actual piece of paper that is evidence of ownership of stock in a corporation determines definition
What is means Asset Capital Explain capital assets except those specifically excluded by the tax Code. Major categories of noncapital assets include property held for resale comparing to definition
What is means Cost of Goods Sold What is purchases, direct labor costs, and overhead costs less withdrawals for personal use and ending inventory. Sole proprietors compute their depends on definition
What is means Parent Custodial Meaning The parent with whom a child lives for the greater part of the year which definition
What is means Plan Cafeteria Abbreviation choice of salary or specified nontaxable fringe benefits from which participating employees may select. The plan may be funded with difference definition
What is means Compensation How to Wages, commissions, tips, professional fees, and net self-employment income received for services rendered; that is, earned income when definition
What is means Receipt Constructive Help income only as it is received. But if the income was unreservedly subject to his or her demand and he or she could have received it but pros and cons definition
What is means Depletion Cost Crossword 039;s investment in natural resources or timber. The cost is recovered proportionately as the resource is extracted or the timber harvested similarities definition
What is means Class Life Asset Depreciation Range (CLADR) Examples A system of depreciation used to depreciate assets placed in service prior to January 1, 1981 how much definition
What is means Change in Accounting Method Encyclopedia another, which usually requires prior approval from the IRS. A change generally requires adjustments to avoid omissions or duplications how many definition
What is means Expenditure Capital Information about useful life of more than one year that increases the value of or extends the useful life of the asset. Capital expenditures generally may compare definition
What is means Cost or Market, Whichever Is Lower Tutorial inventory valuations. Most taxpayers prefer to use "cost or market, whichever is lower" as a basis for valuing their inventories why definition
What is means Stock Common Error corporation that are entitled to residual dividends, after bonds and preferred stock have first received interest and dividends. A common how better definition
What is means Copyright Answer The exclusive legal right to sell, reproduce, or publish a literary, musical, or artistic work when definition
What is means Structure Historic Certified Means what Register of Historic Places or located in a designated historic area. The IRS Code provides tax incentives for the rehabilitation of such determines definition
What is means Income Community Description community property state, that is considered to belong equally to each spouse, regardless of which spouse receives the income. The comparing to definition
What is means State Law Common Definition property rights are based on British common law. The property and income of each spouse belongs to him or her separately depends on definition
What is means Capitalize Explain To treat the cost of additions and improvements to property as a capital improvement or expenditure which definition
What is means Loss Capital What is capital asset. Up to $3,000 ($1,500 if married and filing a separate return) of net capital loss is deductible annually with the excess difference definition
What is means Corporation Meaning is incorporated under the laws of a state, a foreign entity that is treated as a corporation under IRS regulations, or an unincorporated when definition
What is means Carryover Carryback Abbreviation certain losses or credits to be used in a tax year other than the tax year incurred. A carryover is to a future year. A carryback is to a pros and cons definition
What is means Price Contract How to one of the amounts used to compute the percentage of each principal payment that is taxable as gain. The contract is equal to the gross similarities definition
What is means Year Calendar Help A year that begins January 1 and ends December 31 how much definition
What is means Commission Crossword selling securities or property for a client. An allowance paid to a salesperson or agent for services rendered how many definition

Tax explained and meaning

What does it do? Descriptio of tax definitions.

Define Commission definition Calendar Year explain Contract Price what is Carryback/Carryover meaning Corporation abbreviation Capital Loss how to Capitalize help. definition.

Explain Community Property definition Convertible explain Capital Stock what what.