Taxes Terms

  1. Office Audit

  2. Ordinary And Necessary Expenses - O & NE

  3. Ordinary Income

  4. Ordinary Loss

  5. Orphan Drug Credit

  6. Over-55 Home Sale Exemption

  7. Overnight Sleep Test

  8. Overwithholding

  9. Percentage Depletion

  10. Personal Exemption

  11. Personal Interest

  12. Phantom Gain

  13. Phase Out

  14. Philanthropy

  15. Physical-Presence Test

  16. Pick-Up Tax

  17. Pigovian Tax

  18. Pipeline

  19. Pirate Bank

  20. Placed In Service

  21. Preparer Tax Identification Number - PTIN

  22. Pretax Earnings

  23. Pretax Rate Of Return

  24. Principal Private Residence (Canada)

  25. Principal Residence

  26. Private Letter Ruling - PLR

  27. Profit Before Tax - PBT

  28. Progressive Tax

  29. Proof of Charitable Contributions

  30. Property Inventory

  31. Property Tax

  32. Property Tax Deduction

  33. Proportional Tax

  34. Provincial Parental Insurance Plan - PPIP

  35. Provisional Income

  36. Proxy Tax

  37. Qualified Appraisal

  38. Qualified Appraiser

  39. Qualified Disclaimer

  40. Qualified Electric Vehicle

  41. Qualified Exchange Accommodation Arrangements

  42. Qualified Production Activities Income - QPAI

  43. Qualified Reservist

  44. Qualified Widow Or Widower

  45. Qualifying Domestic Trust - QDOT

  46. Qualifying Relative

  47. Qualifying Widow/Widower

  48. Quid Pro Quo Contribution

  49. Readvanceable Mortgage

  50. Realized Gain

  51. Realized Loss

  52. Reassessment

  53. Recapture

  54. Reciprocal Statutes

  55. Recognized Gain

  56. Recognized Loss

  57. Refund

  58. Refundable Credit

  59. Register

  60. Regressive Tax

  61. Rehabilitation Tax Credit

  62. Relationship Test

  63. Rent Expense

  64. Repatriable

  65. Research Activities Credit

  66. Resident Alien

  67. Retention Tax

  68. Return

  69. Return On Capital Gains

  70. Revenue Act Of 1862

  71. Revenue Ruling

  72. Ring Fence

  73. Sales Tax

  74. Saver's Tax Credit

  75. Schedule D

  76. Schedule K-1

  77. Schedule L

  78. Section 1031

  79. Section 1035 Exchange

  80. Section 1041

  81. Section 1231 Property

  82. Section 1237 Capital Gain Opportunity

  83. Section 1244 Stock

  84. Section 1245

  85. Section 1256 Contract

  86. Section 1341 Credit

  87. Section 179

  88. Section 988

  89. Self Employed Contributions Act Tax - SECA Tax

  90. Self-Employment Tax

  91. Severance Tax

  92. Short Sell Against the Box

  93. Short Tax Year

  94. Short-Term Gain

  95. Short-Term Loss

  96. Silent Automatic Lien

  97. Sin Tax

  98. Single Filer

  99. Single Net Lease

  100. Sixteenth Amendment

Hot Definitions
  1. Oil Reserves

    An estimate of the amount of crude oil located in a particular economic region. Oil reserves must have the potential of being extracted under current technological constraints. For example, if oil pools are located at unattainable depths, they would not be considered part of the nation's reserves.
  2. Joint Venture - JV

    A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture (JV), each of the participants is responsible for profits, losses and costs associated with it.
  3. Aggregate Risk

    The exposure of a bank, financial institution, or any type of major investor to foreign exchange contracts - both spot and forward - from a single counterparty or client. Aggregate risk in forex may also be defined as the total exposure of an entity to changes or fluctuations in currency rates.
  4. Organic Growth

    The growth rate that a company can achieve by increasing output and enhancing sales. This excludes any profits or growth acquired from takeovers, acquisitions or mergers. Takeovers, acquisitions and mergers do not bring about profits generated within the company, and are therefore not considered organic.
  5. Family Limited Partnership - FLP

    A type of partnership designed to centralize family business or investment accounts. FLPs pool together a family's assets into one single family-owned business partnership that family members own shares of. FLPs are frequently used as an estate tax minimization strategy, as shares in the FLP can be transferred between generations, at lower taxation rates than would be applied to the partnership's holdings.
  6. Yield Burning

    The illegal practice of underwriters marking up the prices on bonds for the purpose of reducing the yield on the bond. This practice, referred to as "burning the yield," is done after the bond is placed in escrow for an investor who is awaiting repayment.
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