taxation

Amended Tax Return

An amended tax return is a form filed by an individual or entity to correct errors that were made in a filed tax return. Examples of mistakes that may need to be corrected can include misreporting earnings and tax credits, the number of...

American Clean Energy and Security Act of 2009

The American Clean Energy and Security Act of 2009 (ACES)(also referred to as the Waxman-Markey bill) primarily sought to promote a clean energy economy, reduce greenhouse emissions, and create energy independence. The ACES would have created...

American Indian Law

American Indian law: an overview

In U.S. law the term "Indians" refers generally to the indigenous peoples of the continent at the time of European colonization. "Alaska Natives" and "Native Hawaiians" refer to peoples indigenous to the areas...

Amortization

Amortization has different meanings for loan payments and taxes. Amortization for loans refers to separating the payments for the loan principal and interest into periodic payments to where the loan is paid off at a specified time....

AMT

Alternative Minimum Tax. A tax mechanism that calculates taxable income after certain deductions and tax preferences are made. The AMT ensures that high-income individuals and entities pay a certain amount of income despite favorable tax treatment....

Annual Exclusion Amount

The Annual Exclusion amount is the amount of money that one person may transfer to another as a gift without incurring a gift tax or affecting the unified credit. This annual gift exclusion can be transferred in the form of cash or other...

Annual Exclusion Gift

An annual exclusion gift usually involves cash, stocks, bonds, portions of real estate, or forgiving debt on a family loan in an amount that doesn't exceed the annual gift tax exclusion. The federal government sets the...

APN

See: assessor's parcel number

Applicable Exclusion Amount

The applicable exclusion amount (also known as unified credit) refers to the total gifts and estate transfers exempted from an individual’s gift and estate taxes. Every U.S. citizen has an applicable exclusion amount for all gifts made inter...

Assess

In common parlance, to assess means to evaluate.

In legal contexts, the word assess is usually used in the context of tax law and means to ascertain a valuation of a piece of property for purposes of tax calculation (see...

Pages