What GROUP TERM LIFE INSURANCE means: Life insurance coverage purchased by an employer for a group of employees. Such insurance is renewable on a year-to-year basis and does not accumulate in value; that is, no cash surrender value is built up. The premiums paid by the employer on such insurance are usually not taxed to an employee unless coverage exceeds $50,000.
- Definition Gift Tax:
- Dictionary A graduated federal tax paid by donors on the value of gifts exceeding a specified amount, which is indexed for inflation. For the current amount, see IRS Publication 950 or Form 709 group term life insurance definition.
- Definition Goodwill:
- Dictionary Goodwill is the value of a trade or business based on expected continued customer patronage due to its name, reputation, or any other factor group term life insurance explain.
- Definition Gain:
- Dictionary The excess of the amount realized from a sale or exchange over the adjusted basis of the property sold or exchanged group term life insurance what is.
- Definition General Depreciation System:
- Dictionary used method for computing MACRS depreciation. Personal property is depreciated using the declining-balance method (double or 150 percent, depending on the recovery class) switching to straight line group term life insurance meaning.
How works Group Term Life Insurance meaning in Tax definitions G .
