What TAX BENEFIT RULE means: A rule that provides that the amount of an expense recovered must be included in income in the year of the recovery to the extent the original expense resulted in a tax benefit. The most common example is a state income tax refund of tax deducted in the prior year.
- Definition Temporary Assignment:
- Dictionary A work assignment is considered to be temporary if, at the time the assignment begins, it can be expected to last one year or less tax benefit rule.
- Definition Transfer Tax:
- Dictionary A tax imposed when real estate is sold or transferred from one person to another tax benefit rule.
- Definition Tax Court:
- Dictionary The U.S. Tax Court is one of three trial courts of original jurisdiction that decide litigation involving federal income, death, and gift taxes tax benefit rule.
- Definition Tip Income:
- Dictionary Gratuities received by the taxpayer for services rendered. Tips of $20 or more from any one job during a calendar month must be reported to the taxpayer's employer tax benefit rule.
How works Tax Benefit Rule meaning in Tah definition T .