by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is the Loss Carryback Rule? Loss carryback is a term used in the accounting industry at the time when a firm incurs a net operating loss, and opts for applying that loss on the tax return of a previous year. As a result, the tax liability for the year when this...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is Tax Basis?Though basis may have several meanings in the finance industry, the most commonly used is the one signifying the gap or difference between the price and costs involved in a transaction at the time of ascertaining taxes. This term refers specifically...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is a Generation-Skipping Transfer Tax (GSTT)?Generation-skipping transfer tax (GSTT) refers to a federal tax that comes up when there is property transfer in the form of an inheritance or a gift to a beneficiary who should be younger than the donor by at least...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is the De Minimis Tax Rule?De Minimis tax rule, when translated means about minimal things, the concept was coined from a latin expression de minimis non curat lex. In taxation, the De Minimis tax rule is one that determines if discount on municipal bonds should...
by TheBusinessProfessor | Feb 23, 2025 | Business Taxation
What is Underwithholding?Usually, there is an amount of money that an individual pays as tax to the government for a particular year, tax can be deducted from the individuals wage or income. Failure to make the adequate tax payment during a year is a punishable...
