taxation

Casualty Loss

Casualty loss is limited to loss caused by some sudden, unexpected, and external force such as fire, storm, shipwreck, or similar event or accident. According to the Internal Revenue Code, a “personal casualty loss” means any losses of...

Certified Public Accountant (CPA)

A title given to professional accountants who have passed the Uniform Certified Public Accountant Examination and have met other educational and work requirements imposed by each state.

Charitable Contribution

Charitable contributions are donations of money or other resources to a 501(c)(3) charitable organization such as environmental advocacy groups or food banks. The key characteristic of these contributions is that they can be deducted from an...

Charitable Gift Annuity

A charitable gift annuity is an annuity between an individual and a government approved charity. Like other annuities, an individual pays for the annuity to the charitable organization, and the charity sets up lifetime payments to the...

Charitable Lead Trust

A charitable trust in which the income from the trust is used for a charitable purpose, and the body of the trust property will later revert back to the original donor (or another person specified - typically their children or grandchildren).

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Charitable Organization

A charitable organization is a nonprofit organization that seeks to advance some public benefit. Public benefit includes a broad range of areas such as education, poverty alleviation, scientific research, environment, diversity, religion, and...

Charitable Remainder Annuity Trust

A form of charitable remainder trust in which the trustee pays the income beneficiary a fixed amount each year.

Compare to Charitable Remainder Unitrust.

Charitable Remainder Trust

A irrevocable charitable trust in which the income from said trust goes to the donor (or a specified beneficiary), and the body of the trust property will later go to a charity. This is used for tax savings - the IRS will allow a deduction in the year...

Charitable Remainder Unitrust

A form of charitable remainder trust in which the annual payment to the income beneficiary is based on a percentage of the trust.

Compare to Charitable Remainder Annuity Trust

Charitable Trust

A charitable trust is a trust made for the benefit of specific charitable purposes. The purpose of the trust must fall into one of the specific purpose categories or is it not valid. Charitable trusts are favored by the law. They do not have to have...

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