1. A condition set by the seller of an asset that gives him/her the right to purchase back some or all of the assets within a certain period of time. 2. A situation where an individual must add back a deduction from a previous year to his or her income. 1. A stipulation that allows you to buy back your shares at some future point in time, if you wish. 2. For example, when a business sells an asset and must recapture (add back) some of the depreciation.
An employer-sponsored retirement plan where employee benefits are sorted out based on a formula using factors such as salary history and duration of employment. Investment risk and portfolio management are entirely under the control of the company. There are also restrictions on when and how you can withdraw these funds without penalties.Also known as "qualified benefit plan" or "non-qualified benefit plan". This fund is different from many pension funds where payouts are somewhat dependent on the return of the invested funds. Therefore, employers will need to dip into the companies earnings in the event that the returns from the investments devoted to funding the employee's retirement result in a funding shortfall. The payouts made to retiring employees participating in defined-benefit plans are determined by more personalized factors, like length of employment.A tax-qualified benefit plan, shares the same characteristics of a defined-benefit plan, but also provides the beneficiary of the plan with added tax incentives. These tax incentives are not realized under non-qualified plans.
Taxes imposed by the federal and/or state government on someone's estate upon their death. These taxes are levied on the beneficiary that receives the property in the deceased's will; the tax amount is based on the property's value at the time of the owner's death. Also called death duties or inheritance tax. The term was first coined in the 1990s to describe estate and inheritance taxes by those who want such taxes eliminated.
A specific class of depreciable real estate. Recovery property describes tangible depreciable property placed in service between 1980-1987, and is eligible for Accelerated Cost Recovery System (ACRS) treatment. The ACRS election was allowed on a property-by-property basis. The ACRS recovery period for recovery property has long-since expired, and all real estate that qualified as recovery property is now fully depreciated. As a result, any ACRS recovery property that is now declared on a tax return should be carefully investigated to ensure validity. ACRS was replaced by the Modified Accelerated Cost Recovery System (MACRS) in 1986.
A retirement plan that combines some of the characteristics of a 401(k) plan with those of a defined benefit (DB) plan. Funds can be voluntarily contributed to the DB(k) plan just as they can with a 401(k) plan, with the employer retaining the option to match the funds up to a certain percentage. Upon retirement, the employer will also pay the employee a small percentage of his or her salary, which is similar to a traditional pension. The DB(k) plan was included in the Pension Protection Act of 2006. The DB(k) plan was designed to provide businesses with a way to attract employees, since many investors worry that their entire savings could be wiped out in a down market. Retaining the pension characteristic means that the retiree will still have a source of income, regardless of the performance of the 401(k) portion of the plan.
The process of re-determining the value of property or land for tax purposes. Property is usually reassessed on an annual basis. You may request a "reassessment" if you disagree with your assessment.
1. An account created at a bank, brokerage firm or mutual fund company that is managed by an adult for a minor that is under the age of 18 to 21 (depending on state legislation). 2. A retirement account managed for eligible employees by a custodian. 1. In a custodial account, approval from the custodian is required in order for a minor to transact securities. The custodian of these types of accounts is usually a parent or guardian of the minor. 2. The investments managed within a custodial account are limited to mutual funds and other similar products offered by regulated investment companies.
When an investment or asset is sold for less than its purchase price. Recognized losses may be reported for income tax purposes and then carried over into future periods. Recognized capital losses can be used for effective tax planning strategies. For example, if an investor has taxable capital gains for a given year of $10,500 and is able to recognize a loss on another investment for $2,500, this loss can be applied against the taxable capital gains. Therefore, this investor's net taxable capital gains for the year are $8,000 rather then $10,500.
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