Taxes

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  1. Horizontal Equity

    An economic theory that states that individuals with similar income and assets should pay the same amount in taxes. Horizontal ...
  2. Modified Accelerated Cost Recovery System - MACRS

    The new accelerated cost recovery system, created after the release of the Tax Reform Act of 1986, which allows for greater ...
  3. Voluntary Compliance

    An assumption or principle that taxpayers will comply with tax laws and, more importantly, accurately report their income ...
  4. Unstated Interest Paid

    The percentage of interest the U.S. Internal Revenue Service (IRS) assumes has been paid on an installment sale, regardless ...
  5. Notice Of Seizure

    A letter or written notice from the Internal Revenue Service (IRS) informing the recipient that authorization has been given ...
  6. Revenue Officer

    An individual who collects revenues such as taxes and duties on behalf of the government. A revenue officer is generally ...
  7. Principal Residence

    The primary location that a person inhabits. It doesn't matter whether it is a house, apartment, trailer or boat, as long ...
  8. Dependent

    An individual whom a taxpayer can claim for credits and/or exemptions. A dependent is an individual, such as a qualifying ...
  9. Section 1245

    A part of the IRS code stating that depreciable property that has been sold at a price in excess of depreciated or salvage ...
  10. Student Loan Interest Deduction

    A tax deduction for interest paid on higher education loans during the tax year in the U.S., the deduction amount being the ...
  11. Single Filer

    The filing status used by a taxpayer who is unmarried and does not qualify for any other filing status. Single filers include, ...
  12. Levy

    The legal seizure of property to satisfy a debt. In the U.S., the Internal Revenue Service (IRS) has the authority to levy ...
  13. Stock Savings Plan

    In Canada, a plan wherein certain provinces (such as Alberta, Ontario and Quebec) provide tax credits for provincial income ...
  14. Bankruptcy Financing

    Financing arranged by a company while under the chapter 11 bankruptcy process. Clearly, such financing is extremely high ...
  15. Itemized Deduction

    A deduction from a taxpayer's taxable adjusted gross income that is made up of deductions for money spent on certain goods ...
  16. Private Letter Ruling - PLR

    An interpretation of statute or administrative rules and their application to a particular set of facts or circumstances. ...
  17. Section 1031

    A section of the U.S. Internal Revenue Service Code that allows investors to defer capital gains taxes on any exchange of ...
  18. Schedule D

    A U.S. income tax form used by taxpayers to report their realized capital gains or losses. Investors are required to report ...
  19. Constructive Sale Rule - Section 1259

    A section of the Internal Revenue Code that expands the types of transactions that are considered to be sales and are subject ...
  20. Qualified Disclaimer

    A refusal to accept property that meets with provisions set forth in the Internal Revenue Code Tax Reform Act of 1976 allowing ...
  21. Chapter 13

    A U.S. bankruptcy proceeding in which the debtor undertakes a reorganization of his or her finances under the supervision ...
  22. Non-Resident

    An individual who mainly resides in one region or jurisdiction but has interests in another region. In the region where he ...
  23. 501(c)

    A subsection under the United States Internal Revenue Code. The subsection relates to non-profit organizations and tax law ...
  24. Form 1078

    An official document issued by the Internal Revenue Service (IRS) permitting the undersigned to claim residency within the ...
  25. Like-Kind Exchange

    A tax deferred exchange that allows for the disposal of an asset and the acquisition of another similar asset without generating ...
  26. Chapter 9

    A bankruptcy proceeding that provides financially distressed municipalities with protection from creditors by creating a ...
  27. Form 1098

    A form filed with the Internal Revenue Service (IRS) that details the amount of interest and mortgage-related expenses paid ...
  28. Vertical Equity

    A method of collecting income tax in which the taxes paid increase with the amount of earned income. The driving principle ...
  29. Debt Fatigue

    When a debtor stops making payments on his or her debts and starts spending again after being overwhelmed by the amount of ...
  30. Nevada Corporation

    A business incorporated in the state of Nevada, which is known to be business-friendly through its tax and corporate law ...
  31. Section 988

    A financial transaction involving a capital loss or gain on an investment held in a foreign currency. A Section 988 transaction ...
  32. Involuntary Conversion

    A process where a taxpayer is involuntarily forced to dispose of property that has been stolen, condemned, destroyed or repossessed, ...
  33. Revenue Ruling

    A decree issued by the IRS that essentially has the force of law. A revenue ruling outlines the IRS's interpretation of the ...
  34. Appeals Conference

    A conference that a taxpayer can request with the Internal Revenue Service (IRS) during the audit process if the taxpayer ...
  35. Additional Collateral

    Additional assets put up as collateral by a borrower against debt obligations. Additional collateral is used to lessen the ...
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