A divestiture of a subsidiary or division by a publicly traded company, which will be subject to capital gains taxation. The subsidiary will become completely independent from the parent corporation, operating entirely on its own. To qualify as a taxable transaction, the parent corporation must divest through direct sale of the division, or the assets it contains. The profits made from the sale will be taxed as capital gains. A taxable spinoff will bring in liquid assets to the company, usually in the form of cash. The downside of this transaction comes from the decrease in income from the capital gains tax. If a parent company wishes to avoid a taxation, they may consider a tax-free spin off. By distributing new shares for the division or prorating new stock to current owners, the company will be able to avoid any capital gains from divestiture.
The real cost of taking out a loan. True interest cost includes all ancillary fees and costs, such as finance charges, possible late fees, discount points and prepaid interest, along with factors related to the time value of money. It can also refer to the actual cost of issuing a bond. |||The federal Truth in Lending Act requires lenders to disclose the true cost of credit to their borrowers and prospective borrowers in the consumer-loan agreement. This cost must be computed by a standard formula that incorporates interest, fees and other costs. This prevents lenders from making misleading statements about the real cost of borrowing from them.
An individual or entity that is obligated to make payments to municipal or government taxation agencies. The term taxpayer generally describes one who pays taxes. Taxes can exist in the form of income taxes as required by Federal and state governments and property taxes imposed on owners of real property (such as homes and vehicles) by municipal governments, along with many other forms. Nearly all adults in the United States are subject to some form of taxation and, therefore, most adults are taxpayers. The term taxpayer often refers to the workforce of a country who pays for government projects through taxation. Nearly all government-funded projects are funded by the taxpayers, which can cause some controversy depending on the project.
When a person chooses to leave the workforce. The concept of full retirement – being able to permanently leave the workforce in old age – is relatively new, and for the most part only culturally-widespread in first-world countries. Many developed countries have some type of national pension or benefits system (i.e. the United States' Social Security system) to help supplement retirees' incomes. Dramatic advances in healthcare have extended the lives of people in, predominantly, first-world and developed countries. That means that without adequate personal savings and/or pensions, people could easily outlive their retirement funds. In times of economic downturn retirees may choose to "come out of retirement" and re-enter the workforce on a seasonal, part-time or full-time basis to earn income and obtain benefits, especially costly health insurance coverage.
A public limited company that coordinates the distribution and management of unit trusts amongst countries within the European Union. |||These funds can be marketed within all countries that are a part of the European Union, provided that the fund and fund managers are registered within the domestic country. The regulation recognizes that each country within the European Union may differ on their specific disclosure requirements.
An Internal Revenue Service (IRS) rule that allows for penalty-free withdrawals from an IRA account. The rule requires that, in order for the IRA owner to take penalty-free early withdrawals, he or she must take at least five "substantially equal periodic payments" (SEPPs). The amount depends on the IRA owner's life expectancy calculated with various IRS-approved methods. Rule 72(t) allows you to take advantage of your retirement savings before the age of 59.5, when there is otherwise a 10% penalty on early withdrawal. The withdrawals, however, are still taxed at your income rate. The drawback to taking advantage of Rule 72(t) is that you may deplete your retirement accounts well before the end of your life expectancy. By taking out your funds early you are putting yourself in jeopardy in the future.
The composite total of all taxes that is owed by a taxpayer for the year. This number is essentially the penultimate point in the tax formula. It accounts for all credits and deductions due the taxpayer but not any tax payments made during the year. Total tax is then compared with payments made to see whether a refund is due or there is a balance owed. For 2007, the total tax amount is shown on line 63 of the Form 1040, line 37 of Form 1040A and line 10 of Form 1040EZ. Total Tax has three basic components: income tax, alternative minimum tax and self-employment tax. It does not include sales or estate tax.
An extension of the Uniform Gifts to Minors Act that allows items other than cash or securities to be considered gifts. |||Other gifts that minors can receive include real estate, art, patents and royalties.
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