A nonrefundable federal tax credit implemented in 1981 as an incentive for businesses and other entities to increase their research and development activities. Individuals, estates, trusts, organizations, partnerships and corporations are all eligible to claim the credit using IRS Form 6765, Credit for Increasing Research Activities. only certain types of research expenditures are eligible for the credit; these are called "qualified research expenses." Qualified research expenses discover technological information that improves an item's performance or functionality, as opposed to its superficial characteristics. To be eligible for the credit, companies must increase their research spending from one tax year to the next (with a few exceptions, such as energy research). Research in the social sciences, arts and humanities is not eligible for the credit.
Property that is involuntarily seized by a governmental authority for any reason. Requisitioned property can be taken for a number of reasons relating to furtherance of the public good. It can be of any type, including real estate, vehicles, machinery, office equipment or even personal property. Requisitioned property can be treated as an involuntary conversion. Property sold under the threat of requisition can also be treated as a conversion if the threat is believed to be genuine and imminent. However, the threat of requisition must be confirmed by an actual governmental official and cannot be derived solely from a public announcement. In most cases, the requisition will be presented as a formal written demand.
Any property that is received as a replacement for property that was lost as a result of an involuntary conversion, such as theft. Replacement property can be either personal or business property and can include real estate, machinery and equipment, vehicles or personal equipment. Replacement property is often provided for by casualty-insurance carriers. The value of replacement property can sometimes exceed the value of the property that was lost. In this case, the taxpayer will realize a taxable gain on the difference between the excess value of the replacement property and the adjusted basis of the property that was lost. However, there are rules that allow for deferral of this gain provided certain conditions are met, and the gain can also be excluded if the property is the taxpayer's personal residence.
A term lenders commonly use to refer to the habits of borrowers taking out loans to repay the balance on other loans. Often reloading is done to take advantage of lower interest rates offered by other loans, and potential tax benefits. For example, let's say you have a large outstanding credit-card balance and are paying a high rate of interest (20%), but due to recent financial difficulty, you can keep up only the interest payments as the principal keeps building. So, you take out a home-equity loan to pay off your credit cards. The benefit of taking out the home-equity loan is that the interest rate is lower and also tax deductible. However, even though this may seen like a quick and easy solution to your credit problems, it is very easy to fall into a perpetual cycle of spending and borrowing, causing you to sink deeper into debt.
One of several tests that a person must pass in order to be claimed as a dependent on someone else's tax return. The relationship test has several criteria, and as long as any one of them is met, the person in question is eligible to be claimed as a dependent by another. The relationship test mandates that the person in question must be either a lineal descendant or ancestor, sibling, in-law, niece, nephew, aunt, uncle or anyone other than the taxpayer's spouse who lived in the taxpayer's household during the entire year. There is a separate relationship test to see if someone is a qualifying child (see below). The relationship test for a qualifying child mandates that the child be the taxpayer's child, stepchild, foster child, adopted child or any descendant thereof. Children who meet the criteria allow the taxpayer claiming them to receive their dependency exemptions. This test is one of four tests that a child must pass in order to be considered a qualifying child. The others are residence, age and support tests.
An IRS regulation that allows regulated investment companies to pass taxes from capital gains, dividends, and interest distributions onto individual investors. This is done to avoid "double taxing" on distributions.
A tax that takes a larger percentage from low-income people than from high-income people. A regressive tax is generally a tax that is applied uniformly. This means that it hits lower-income individuals harder. Some examples include gas tax and cigarette tax. For example, if a person has $10 of income and must pay $1 of tax on a package of cigarettes, this represents 10% of the person's income. However, if the person has $20 of income, this $1 tax only represents 5% of that person's income.Sales taxes that apply to essentials are generally considered to be regressive as well because expenses for food, clothing and shelter tend to make up a higher percentage of a lower income consumer's overall budget. In this case, even though the tax may be uniform (such as 7% sales tax), lower income consumers are more affected by it because they are less able to afford it.
Any type of agreement that requires the buyer to either take or abstain from a specific action. In real estate transactions, restrictive covenants are binding legal obligations written into the deed of a property by the seller. These covenants can be either simple or complex and can levy penalties against buyers who fail to obey them. Restrictive covenants can include such reasonable provisions as adequate maintenance of property and limitations pertaining to paint and decoration. They can also place more onerous restrictions on buyers, such as the number of tenants that can live in a property or even the timing of holiday decoration setup and removal. Payments received for the release of restrictive covenants of investment properties are treated as capital gains.
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