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 type of business succession plan that is used by companies that have more than one owner. The plan involves having the company take out an insurance policy on the lives of owners in the amount equal to each owner's interest. In the event of death, the amount collected by the company from the insurance, which is equal to the deceased owners stake, is used to pay the deceased's estate for its share of the business. The advantage of this type of succession plan is that the owners know their respective stakes in the company will be paid out to their estates, and that the company will continue to be run by the other partners. Having this type of succession plan, (which is paid for by the company) allows the owners to avoid any out-of-pocket expenses while also looking after their families in the event of death.
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.
A slang term for having been negatively affected by senior management's inappropriate actions or decisions. Being "Enroned" can happen to any stakeholder, such as employees, shareholders or even suppliers. The term is derived from the name Enron, which was an American energy company that filed for bankruptcy in late 2001 due to accounting fraud. These ill actions caused thousands to lose their jobs and investment value. In any large corporation there is faith placed in upper management to make the right decisions and lead the company into profitability. When the company makes decisions that cause job loss or the reduction in benefits, the affected individual is said to have been "Enroned". For example, if someone has lost their job because their employer was shut down due to illegal activities that they had nothing to do with, they have been "Enroned."
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.
A company-run program in which participating employees can purchase company shares at a discounted price. Employees contribute to the plan through payroll deductions, which build up between the offering date and the purchase date. At the purchase date, the company uses the accumulated funds to purchase shares in the company on behalf of the participating employees. The amount of the discount depends on the specific plan but can be as much as 15% lower than the market price. Depending when you sell the shares, the disposition will be classified as either qualified or not qualified. If the position is sold two years after the offering date and at least one year after the purchase date, the shares will fall under a qualified disposition. If the shares are sold within two years of the offering date or one year after the purchase date the disposition will not be qualified. These positions will have different tax implications.
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 pooled investment account provided by an employer that allows employees to set aside a portion of their pretax wages for retirement savings or other long-term goals (i.e. paying for college tuition, purchasing a home). Many employers match their employees' contributions up to a certain dollar amount, or by a certain percentage. Employees are always fully vested in their own employee savings plan (ESP) contributions. However, many plans require that employees remain employed for a minimum amount of time before they are vested and eligible to withdraw employer-matched funds. ESPs can be an attractive and relatively easy way for employees to lower their taxes and save for long-term goals.
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