A document published by the Internal Revenue Service (IRS) that provides taxpayers with information on how to determine the fair market value (FMV) or appraisal value for property donated to a qualified organization. Taxpayers can donate a wide variety of property, including used clothing, art, real estate, securities, patents and business inventory. Certain donated items, such as pieces of art, may be valued higher than others and allow the taxpayer to claim a much higher deduction than usual. These items may carry extra reporting requirements, such as photographs and a qualified appraisal letter. Determining the fair market value of an item or piece of property can be difficult because there is no single (or simple) way in which it is set. A good indicator of the fair market value is the price the item or property fetches when sold by the organization the donor gave it to. Another method is to compare the price of the item to the sales price of a similar item. IRS Publication 561 does not provide donors with information on how to determine the amount of a donation that can be deducted, what records the donor should keep or how to substantiate the appraisal claim. More information on those matters are available in IRS Publication 526, Charitable Contributions.
A document published by the Internal Revenue Service (IRS) that provides guidance to persons responsible for the estate of a deceased individual. IRS Publication 559 outlines the necessary steps to completing a tax return for the deceased, how any remaining tax obligations are to be paid for, and the general duties of the personal representative of the estate. The document also lists the necessary forms that must be filled out and their corresponding deadlines. Survivors, including widows and widowers, estates and beneficiaries may be responsible for the tax liabilities of the deceased, but they also receive tax benefits. Qualifying widows and widowers who file a joint return the year of the death may qualify for a special tax rate for up to two years. If the deceased was due income, that income may be treated as Income in Respect of a Decedent (IRD).
A measure of the earnings of a company that adds the interest expense, depreciation and amortization back to the net income number, but takes the tax expense into consideration. This measure is not as well known or used as often as its counterpart, earnings before interest, taxes, depreciation and amortization (EBITDA). Taobiz explains Earnings Before Interest, Depreciation And Amortization - EBIDA EBIDA is considered to be a more conservative valuation measure than EBIDTA because it includes the tax expense in the earnings measure. The EBIDA measure removes the assumption that the money paid in taxes could be used to pay down debt, an assumption made in EBIDTA. This debt payment assumption is made because interest payments are tax deductible, which, in turn, may lower the company's tax expense, giving it more money to service its debt. EBIDA, however, does not make the assumption that the tax expense can be lowered through the interest expense and, therefore, does not add it back to net income.
A type of order that allows an option trader to simultaneously buy or sell a number of different options that traditionally could only be achieved by placing separate orders. This type of order is primarily used in multi-legged strategies such as a straddle, strangle, ratio spread and butterfly. This type of order gives the average option trader the ability to incorporate advanced options strategies that consist of many options by placing one order and only paying one commission. For example, one multi-leg order can be used to buy one call option with a strike price of $35 and one put option with a strike price of $35 (straddle strategy). Historically, this strategy could only be achieved by placing two separate orders (one for the call option and the other for the put option).
A document published by the Internal Revenue Service (IRS) that details the rules and regulations that have to be followed by an organization in order to obtain tax-exempt status. IRS Publication 557 provides guidance as to required forms and documents, the appeals process if tax-exempt status is not approved and causes of a revocation of exempt status. Organizations granted status have certain filing requirements and disclosures that have to be provided to persons who donate funds. The publication also provides information about organizations falling under section 501(c)(3). IRS Publication 557 doesn't cover all organizations that may seek tax-exempt status. Some organizations, such as employee-funded pensions, teachers' retirement funds and mutual insurance companies are covered in other documents published by the IRS. The publication provides a reference chart that details what section of the Internal Revenue Code an organization might fall under when qualifying for tax-exempt status, and the forms that must be filled out in order to apply.
An indicator of a company's financial performance calculated as: = Revenue - COGS - Expenses (including taxes and excluding interest) Taobiz explains Earnings Before Interest After Taxes - EBIAT This is one variation of Earnings Before Interest & Tax - EBIT.
A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg Commodities Exchange in Manitoba is the home to Canadian commodity derivative trading. The equity option trading on the Montreal Exchange covers most of the larger Canada-traded companies but is not as broad as the U.S. options markets. The interest rate derivatives cover short-term banker's acceptances ranging from the overnight rate to the three-month rate and two- and ten-year Canadian Government Bonds. The index futures and options cover the S&P Canada 60 index and several S&P/TSX sector indexes.
A document published by the Internal Revenue Service (IRS) that provides information on tax benefits available to students and families saving for college. It explains the tax treatment for the most common forms of college funding types, such as scholarships, fellowships and grants. The document outlines three tax credits that can be taken advantage of: the American Opportunity Tax Credit, the Hope Credit and the Lifetime Learning Credit. In addition, IRS Publication 970 covers additional tax benefits, including student loan interest deductions and Coverdell education savings accounts (ESAs). The IRS typically restricts claiming more than one tax benefit for a single qualifying expense. This means, for example, that a taxpayer taking classes generally cannot take a deduction for a work-related class while also deducting tuition and fees because those are two separate benefits related to the same expense.
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