The process of converting an annuity investment into a series of periodic income payments. Annuities may be annuitized regularly, over a long or short time period, or in some cases, in one single payment. After an annuity has been through the process of annuitization, the investment is said to have been annuitized. Annuitized investments are not necessarily paid out completely to the beneficiaries. Depending on the terms of the annuity policy, some of the money could go to the person's estate, to a trust or to the insurance company, for example.
The point in time when an asset that can be depreciated is first placed in use. The date the asset is placed in service marks the beginning of the depreciation period. The date of purchase usually marks when an asset is placed in service, but not always. Owners of depreciable assets should take note of the date that their depreciable assets are first placed in service, because they must record that date on their tax returns for depreciation calculations. The receipt for the good will effectively double as both proof of purchase and proof of date placed in service for the IRS in the event of an audit.
The period when the annuitant starts to receive payments from the annuity. This period is after the accumulation phase where money is invested into the annuity. When one retires they often rely on their savings as a source of income, after retirement annuities are rolled over from the accumulation phase to the annuitization phase, providing income for retirees. The more that was originally invested into the annuity, the more that will be received when the annuity is paid out.
A notion that an investment firm that passes all capital gains, interest and dividends on to its customers/shareholders shouldn't be levied at the corporate level like most regular companies are. Also referred to as "conduit theory". According to pipeline theory, the investment firm passes income directly to the investors, who are then taxed as individuals. This means that investors are taxed once on the income, whereas in regular companies investors are taxed twice: when the company reports income (at the corporate level) and when dividends are received (as individual income). Pipeline theory would apply to mutual fund companies and real estate investment trusts (REITs).
A method for determining the tax basis of an asset when it is transferred from one individual to another. Carryover basis is often used when property is given as a gift to someone else and is the method for determining the basis for future tax payments. The carryover basis is commonly used in estate planning when transferring property to future heirs. It determines the value of the property at the beginning of the period and is used to determine the tax rate that must be paid on capital gains when the asset is sold.
Similar to the bona fide foreign residence test, the physical-presence test allows taxpayers to claim the foreign earned income exclusion. The test mandates that a taxpayer must be physically present in a foreign country for at least 330 full days out of the year in order to claim the exclusion. The days do not have to be consecutive and the test applies both to U.S. citizens and resident aliens. The reason for being abroad is irrelevant to this test. However, a family emergency, illness or employer directive is not a sufficient reason to allow for the exclusion if it causes the taxpayer to be present in a foreign country for less than the required 330 days. Furthermore, a "day" is considered a full 24-hour period, so days of arrival and departure in a foreign country do not count toward the required time.
An asset allocation strategy that seeks to maximize capital appreciation, or the increase in value of a portfolio or asset over the long term. Portfolios with the goal of capital growth consist mainly of equities. The exact proportion of equities to the total portfolio will vary according to the individual investor's investment horizon, financial constraints, investment goals and risk tolerance.In general, a capital growth portfolio will contain approximately 65-70% equities, 20-25% fixed-income securities and the remainder in cash or money market securities. While seeking high returns, this mixture still somewhat protects the investor against a severe loss in portfolio value if the higher-risk equity portion of the portfolio takes a plunge.Note that an aggressive portfolio strategy also aims to maximize capital growth, but of the total portfolio value, these strategies are of considerably higher risk; sometimes consisting entirely of equities!
The primary location that a person inhabits. It doesn't matter whether it is a house, apartment, trailer or boat, as long as it is where you live most of the time. You can usually avoid capital gains on the sale of your principal residence, provided you buy another place of equal or greater value that is going to become your new residence.
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