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Tax Glossary
What Is “Virtual Currency”?
Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, or...
Tax Glossary
What Is “Use Tax”?
Use tax is a type of consumption tax that applies to goods or services purchased out-of-state, online, or over the...
Tax Glossary
What Is “Unrelated Business Income”?
Unrelated business income (UBI) is money earned by a tax-exempt organization through a regular commercial activity that is not directly...
Tax Glossary
What Is “Unrelated Business Income Tax”?
Unrelated business income tax (UBIT) is a federal tax levied on income generated by a tax-exempt organization through active, commercial...
Tax Glossary
What Is a “Unitary Business”?
A unitary business is a group of legally separate corporations or business entities that operate together as a single, highly...
Tax Glossary
What Is a U.S. Shareholder?
In the context of international tax law, a U.S. shareholder is a U.S. person or entity that owns a significant...
Tax Glossary
What Is “Trustee”?
A trustee is an individual or an institution, such as a bank or trust company, legally designated to hold, manage,...
Tax Glossary
What Is “Trust income tax return”?
A trust income tax return is a specific federal tax filing used to report the annual financial activity of an...
Tax Glossary
What Is “Trust”?
A trust is a legal arrangement where one party holds and manages assets for the benefit of another party. In...
Tax Glossary
What Is Transfer Pricing?
Transfer pricing is the accounting practice of setting the prices for goods, services, loans, or intellectual property exchanged between related...