What TRUST means: A tax entity created by a trust agreement. This entity distributes all or part of its income to beneficiaries as instructed by the trust agreement. This entity is required to pay taxes on undistributed income.
- Definition Tax Liability:
- Dictionary The amount of total tax due the IRS after any credits and before taking into account any advance payments (withholding, estimated payments, etc.) made by the taxpayer trust definition.
- 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 trust explain.
- Definition Tangible Personal Property:
- Dictionary Property, other than real property, that has a physical existence and an intrinsic value. Examples are livestock, machinery, equipment, and vehicles trust what is.
- Definition Tax Preference Items:
- Dictionary Tax items that may result in the imposition of the alternative minimum tax trust meaning.
How works Trust meaning in Tax definitions T .
