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Tax Glossary
What Is “QTIP Trust”?
A QTIP trust, which stands for Qualified Terminable Interest Property trust, is an irrevocable estate planning tool that allows an...
Tax Glossary
What Is “Public charity”?
A public charity is a type of tax-exempt nonprofit organization that receives a substantial portion of its financial support from...
Tax Glossary
What Is “Property Tax”?
Property tax is a local tax levied by municipal governments, counties, or school districts on the value of real estate...
Tax Glossary
What Is “Private Inurement”?
Private inurement is an IRS rule that strictly prohibits a tax-exempt organization’s net earnings from improperly benefiting an insider, such...
Tax Glossary
What Is “Private foundation”?
A private foundation is a specific type of tax-exempt nonprofit organization that is typically established, funded, and controlled by a...
Tax Glossary
What Is “Private Benefit”?
Private benefit is an IRS legal doctrine that requires a tax-exempt organization to operate completely for the good of the...
Tax Glossary
What Is “Power of Appointment”?
A power of appointment is a specific legal right granted within a will or a trust document that authorizes a...
Tax Glossary
What Is “Political Campaign Activity”?
Political campaign activity refers to any deliberate action taken by an individual or organization to support or oppose a candidate...
Tax Glossary
What Is “Personal Representative”?
A personal representative is an individual or institution legally authorized to manage and settle the financial affairs of someone who...
Tax Glossary
What Is “Personal Property Tax”?
Personal property tax is an annual tax levied by state or local governments on movable assets owned by individuals or...