What LIFETIME LEARNING CREDIT means: A nonrefundable credit equal to 20% of the first $10,000 of qualified higher education tuition and fees paid during the year on behalf of the taxpayer, his or her spouse, or his or her dependents. Students attending school in the Gulf Opportunity Zone may qualify for a credit of 40% of their expenses up to $4,000 for 2005 and 2006. See Form 8863.
- Definition Like-Kind Property:
- Dictionary is property acquired in an exchange that is of the same type as the traded property. In addition to other requirements, both the traded and acquired proprerties must be either held for investment or lifetime learning credit definition.
- Definition Like-Kind Exchange:
- Dictionary property held for productive use in a trade or business or for investment (except inventory and stocks and bonds) for property of the same type. Unless different property is received (called boot lifetime learning credit explain.
- Definition Liquidation Distributions:
- Dictionary received because of a partial or complete liquidation (going out of business) of a corporation. The basis of the stock on which liquidation distributions are paid is reduced by the amount of the lifetime learning credit what is.
- Definition Last In, First Out (LIFO):
- Dictionary method for valuing inventories for tax purposes. Under this method, the last items purchased are treated as being the first items sold. Ending inventory is valued using the cost of the items with the lifetime learning credit meaning.
How works Lifetime Learning Credit meaning in Tax definitions L .
