taxation

For the purposes of taxation and FDA regulation, a cigarette is defined in 26 U.S. Code § 5702 as

Cohan rule is a that has roots in the common law. Under the Cohan rule taxpayers, when unable to produce records of actual expenditures, may rely on reasonable estimates provided there is some factual basis for it.  The rule allows taxpayers to claim certain tax deductions on the basis of such estimates.

A complex trust is one that does not fulfill the IRS conditions of a simple trust. The expression "complex" refers to the trustee's discretion rather than the trust's provisions being more complex. A complex trust must engage in at least one of the following three activities each year to be regarded as such:

Constructive receipt of income is a tax term which determines when a cash-basis taxpayer has received income. Constructive receipt of income occurs when a party obtains income that is not yet physically received but has been credited to the taxpayer's account and over which they have immediate control.

Contribution is an important term in the fields of business and tort law. 

• llcs-corporations-partnerships

Convertible virtual currency (CVC) is a category of virtual currency. One subcategory of CVC is cryptocurrency. The key lies in its convertibility. Both the IRS and FinCEN have defined CVC in two dimensions: 

• CRYPTOCURRENCY

Also called tax basis, cost basis is the original cost of acquiring a property (usually its purchase price plus any commissions or fees), for tax purposes. It is primarily used for computing capital gain or loss from the transfer of property and is described either in terms of the dollar amount spent or the per share price paid to acquire property. For gifts, a beneficiary’s cost basis is the same as that of the original holder who gave the gift.

A credit shelter trust (also called an AB trust or a bypass trust) is a technique which allows married couples to avoid estate taxes on transfers of wealth to third parties up to a certain amount.

• trust

“Death taxes” is a pejorative term used to refer to taxes imposed on an individual’s property after their death. There are two specific kinds of “death taxes:” estate taxes and inheritance taxes.

Deductible business expense is a very broad category of deductions allowed for businesses because the Internal Revenue Service (IRS) tries to tax business profits, not revenue. Deductible business expenses has been given a broad definition with courts allowing any expense that is “ordinary and necessary” for the producing income.