Tax definitions C

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

Tax explained and meaning

What does it do? Descriptio of tax definitions.

Define Capital Asset definition Charitable Contributions explain Child and Dependent Care Credit what is Commission meaning Cash Method of Accounting abbreviation. definition.

Explain Cash Equivalent Doctrine definition Cost Method of Inventory what.