Qualified small business stock refers to stock that qualifies for the tax deduction for investments in small business stock. For qualifying stock from a C corporation, the owner may deduct up to 100% of the income from the stock, representing...
taxation
qualified terminable interest property (QTIP) trust
Qualified terminable interest trusts (QTIP trusts) are an estate planning tool used to maximize a couple’s applicable exclusion amounts while qualifying for the marital deduction. Full property interest transfers to spouses do not trigger...
ratable
An amount to be appraised or apportioned. For example, the Internal Revenue Code § 306, which describes the tax treatment of income from the sale of stock, exempts “such stock’s ratable share of the amount which would have been a dividend at the time...
real property
Real Property (Land Law) Overview
Property signifies the legal right of use, control, and disposition that an individual or entity may lawfully exercise over things, objects, or land. One of the basic dividing lines between property is that...
recapture
Recapture refers to the government’s recovery of a taxpayer’s gain from beneficial treatment—such as depreciation tax credits, deductions, or other tax credits—since the beneficial treatment no longer applies. For example, 26 U.S.C. § 50 lays out...
replacement property
When the owner of property loses that property through a natural event, theft, condemnation, or otherwise, the owner may use insurance or condemnation proceeds to purchase property similar to the property that was lost. If the replacement property has...
revenue agent
A revenue agent is an Internal Revenue employee who conducts tax audits of filers. Their role includes determining tax liability for entities selected for an audit, and servicing inquiries from individuals regarding their tax liability....
revenue ruling
A revenue ruling is a published opinion of the Internal Revenue Service (IRS) stating how it would rule on future tax questions based on the same circumstances. These rulings are generally promulgated under the Internal Revenue Code (IRC) § 7805, which...
roll over
Rollover means to extend a particular financial agreement.
In the context of retirement accounts, rollover often refers to transferring funds from one Individual Retirement Account (IRA) to another traditional IRA or Roth IRA, or from...S corporation
S corporations are corporations that are taxed on a "flow -through" basis. This means that tax liabilities from income (or deductions from losses) are passed onto the corporations' shareholders to be declared individually. This tax scheme is...