Tax definitions N
- What is means Parent Noncustodial Describe who does not have physical custody of the child or who has custody of the child for the samller part of the year
- What is means Negligence Describe caution as would be expected of a prudent person. A penalty may be assessed if any part of an underpayment of tax is due to negligent or
- What is means Net Operating Loss (NOL) Describe attributable to business or casualty losses. Depending on the nature of the loss, it may be carried back for two, three, or five years
- What is means Debts Bad Nonbusiness Describe connection with a creditor's trade or business. A nonbusiness bad debt is deductible as a short-term capital loss and is allowed only
- What is means Alien Nonresident Describe does not live in the United States, or lives in the United States and does not have a green card or does not meet the substantial presence
- What is means Distributions Nontaxable Describe dividend distributions that are not taxable. These distributions generally take the form of return of capital, stock dividends, stock
- What is means Exchange Nontaxable Describe recognized in the current year. The realized gain generally is recognized when the property acquired in the exchange is sold
- What is means Credit Nonrefundable Describe A credit that cannot exceed the taxpayer's tax liability
- What is means Necessary Describe helpful in furthering the taxpayer's business or income-producing activity. See also Ordinary defined elsewhere in this glossary
- What is means Debt Nonrecourse Describe borrower is not personally liable. If the borrower defaults, the lender can take the property used to secure the loan, but no other
- What is means Income Earned Nontaxable Describe that is excludable from gross income. Examples include military housing allowances, ministers' housing allowances, and excludable
- What is means Income Nontaxable Describe Income that is by law exempt from tax
Tax explained and meaning
What does it do? Descriptio of tax definitions.
Define Nontaxable Income, Nontaxable Earned Income, Nonrecourse Debt, Necessary, Nonrefundable Credit, Nontaxable Exchange, Nontaxable Distributions, Nonresident definition.
Explain Nontaxable Income, Nontaxable Earned Income, Nonrecourse what.