The payment of punitive damages that are owed as a result of wrongdoing or neglect. Restitution payments are an attempt to restore a person to a previous financial condition that should have persisted save for the improper actions of another person or entity. Restitution payments are usually paid according to a schedule dictated by the court, but often will not begin until after the defendant/payor has been released from prison, if jail time is also served. Some types of restitution payments are controversial, such as payments to descendants of black slaves or Holocaust survivors. Some restitution payments are tax free, but payors cannot deduct restitution payments by donating them to a qualified charity.
A type of property that derives more than 80% of its revenue from dwelling units. Residential rental property uses the 27.5 year modified accelerated cost recovery system (MACRS) schedule for depreciation. Income from residential rental property is passive income. only residential rental property that has been placed in service after 1986 is eligible for MACRS treatment. A dwelling unit is defined as either a house or apartment. Hotel and motel units do not qualify as residential rental property under the Internal Revenue Service's (IRS) definition of residential rental property.
A tax imposed by the government at the point of sale on retail goods and services. It is collected by the retailer and passed on to the state. It is based on a percentage of the selling prices of the goods and services and set by the state.
1. A person working for the Internal Revenue Service (IRS) collections department. 2. Short for Chief Revenue Officer, a person responsible for all revenue-generating functions. 2. Examples might be marketing, sales, customer support, and business development.
A person who works for the Internal Revenue Service (IRS) examination department. Revenue agents are usually responsible for (random) audits.
A type of property exchange wherein the replacement property is acquired first, and then the current property is traded away. Reverse exchanges were created in order to help buyers who found a new property that they would like to purchase before they were able to trade in a current property. The opposite of a reverse exchange is a deferred exchange. Standard like-kind exchange rules usually do not apply to reverse exchanges. The IRS has created a set of safe-harbor rules that allow for like-kind treatment, as long as either the current or new property is held in a qualified exchange accommodation arrangement (QEAA). Reverse exchanges apply only to Section 1031 property. Section 1245 or 1250 property is ineligible for this type of transaction.
A decree issued by the IRS that essentially has the force of law. A revenue ruling outlines the IRS's interpretation of the tax laws and is binding on all IRS employees. Revenue rulings are published in the Cumulative Bulletin and are issued only from the National Office of the IRS. Taxpayers and tax professionals can use revenue rulings as reliable guidelines for their own returns or the returns of their clients. Those who ignore the stipulations outlined in a revenue ruling can be subject to additional taxation, penalty or other disciplinary action.
A tax term relating to depreciable business property that has been held for over a year. Section 1231 property includes buildings, machinery, land, timber and other natural resources, unharvested crops, cattle, livestock and leaseholds that are at least a year old. Section 1231 gains and losses are netted against each other in the same manner as capital gains and losses, except that a net section 1231 gain is considered a capital gain, while a net section 1231 loss is classified as an ordinary loss.
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