CIVICS

Capital Gains

Capital gain, for income tax purposes, is the gain realized from sale of capital assets. The difference between the original purchase price and the sale price is the gain realized. The tax on capital gains only occurs when an asset is sold or “...

Carryback

Definition from Nolo’s Plain-English Law DictionaryA method for receiving a refund of back taxes by applying a deduction or credit from a current year to a prior year. (See also: carryover)

Definition provided by Nolo’s Plain-English Law Dictionary.

Carryover

Definition from Nolo’s Plain-English Law DictionaryA method by which deductions and credits for one tax year that could not be used to reduce tax liability in that year are applied against tax liability in subsequent years. (See also: carryback)

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Carryover Basis

Definition from Nolo’s Plain-English Law DictionaryThe tax basis of someone who receives a gift. The recipient's basis is the same as the giver's; it simply "carries over" when the gift is made.

Definition provided by Nolo’s Plain-English Law Dictionary...

Casualty

Definition from Nolo’s Plain-English Law Dictionary1) An accident or event which could not have been foreseen or avoided, such as a shipwreck, fire, or earthquake. 2) The liability or loss resulting from such an accident or event. (See: casualty loss)

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Casualty Loss

Definition from Nolo’s Plain-English Law DictionaryFinancial loss or loss of property arising from a sudden, unexpected, or unusual event such as a storm, flood, fire, shipwreck, or earthquake. Casualty loss qualifies for a tax deduction benefit. (See...

CCCS

Definition from Nolo’s Plain-English Law DictionarySee: Consumer Credit Counseling Service

Definition provided by Nolo’s Plain-English Law Dictionary.

CDA Claims

Claims and the Contract Disputes Act

In Government contracts, a formal claim filed pursuant to the Contract Disputes Act of 1978 is defined as a “written demand or written assertion by one of the contracting parties seeking, as a matter of right, the...

Census

A "census" is the official counting or enumeration of the people of a state, nation, district, or other political subdivision with details of their characteristics. The census is used to determine the allocation of seats in the United States...

Certificate of Citizenship

The Certificate of Citizenship (Form N-560 or N-561) is a document issued by the US government as proof of U.S. citizenship. Only individuals who obtained U.S. citizenship either by action of law while residing in the United States or by having been...

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