Any kind of tax that is levied on the transfer of official documents or other property. Transfer tax is paid by the seller of the property. Gift and estate taxes are both transfer taxes. Transfer tax is also known as "excise tax" in some states. Transfer taxes can be levied at the federal, state and local levels, depending on the type of property being transferred. States and local municipalities often tax the transfer of legal deeds, certificates and titles to property, while the Internal Revenue Service (IRS) taxes the value of the property itself through gift and estate taxes. Transfer taxes are usually nondeductible, although they may be added to basis on the sale of securities and/or investment property.
A cash- or deferred-contribution arrangement of an employer-sponsored retirement plan, under which participants can choose to set aside part of their pre-tax compensation as a contribution to the plan. This kind of contribution is also called an elective-deferral contribution. Employees defer the tax on the money until it is distributed to them.
An unincorporated mutual fund structure that allows funds to hold assets and pass profits through to the individual owners, rather than reinvesting them back into the fund. The investment fund is set up under a trust deed. The investor is effectively the beneficiary under the trust. See also "unit investment trust". |||The success of a unit trust depends on the expertise and experience of the management company. Common types of investments undertaken by unit trusts are property, securities, mortgages and cash equivalents. In the U.K. the term "unit trust" is synonymous with "mutual fund" as it is used in North America.
An moving expense deduction related to the costs of a taxpayer's relocation. Transportation and storage costs include the cost of moving and storing the taxpayer's possessions.The type of property with deductible costs includes furniture, vehicles, pets and personal belongings. The cost of storing the taxpayer's belongings during the relocation process is deductible for the first 30 days. Transportation and storage costs are reported on Form 3903. They are aggregated with all other moving-related expenses and must meet certain requirement in order to be deductible.
A type of insurance vehicle in which the policyholder purchases units at their net asset values and also makes contributions toward another investment vehicle. Unit linked insurance plans allow for the coverage of an insurance policy, and provide the option to invest in any number of qualified investments, such as stock, bonds or mutual funds. |||A unit linked insurance plan acts just like a savings vehicle, but also has the benefits of an insurance contract. When an investor purchases units in a ULIP, he or she is purchasing units along with a larger number of investors, just like an investor would purchase units in a mutual fund.Different ULIPs offer different qualified investments. Be sure to read the plan's prospectus before purchasing any ULIP.
The period in a person's life following retirement in which earning income has come to a stop and the person is living off government subsidy, retirement plans, investments and/or money saved for retirement. During the spending phase of a person's life, income may decrease substantially, but this likely coincides with a decrease in expenses. Children are usually no longer dependent on their parents in the spending phase, and major assets (such as mortgages) may be paid off. Traveling, relaxing and enjoying retirement are the principle goals of someone living in their spending phase.
An opinion that can be offered by a Certified Public Accountant before he or she audits an organization's books. This is known as an unaudited opinion, and it will reflect the opinion of the accountant or CPA concerning the organizations's books and financial records. The subsequent audit may or may not bear out the opinion given. Unaudited opinions are given to provide the organization being audited with some idea of the expected results. This is the opposite of an audited opinion, which is given at the end of an audit and is based upon its findings.
An entity (investee) in which the investor has obtained less than a majority-owned interest, according to the United States Financial Accounting Standards Board. A variable interest entity (VIE) is subject to consolidation if certain conditions exist.If a firm is the primary beneficiary of a VIE, the holdings must be disclosed on the balance sheet. The primary beneficiary is defined as the person or company with the majority of variable interests. Also known as a conduit. |||VIEs are commonly used within financial firms for their subprime mortgage-backed securities. They can be a special-purpose vehicle (SPV) that allows firms to keep assets off of their balance sheets. A VIE refers to the way a firm's exposure to the SPV can change. This is the key to whether or not it can be excluded from the balance sheet. A corporation can use such a vehicle to finance an investment without putting the entire firm at risk. The problem, as with SPVs in the past, is that they have become a method of hiding things (such as subprime exposure).
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