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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...
Tax Glossary
What Is a “Token Swap”?
A token swap occurs when a cryptocurrency user exchanges one type of digital token directly for another without using traditional...
Tax Glossary
What Is “Throwback tax”?
A throwback tax is a specialized tax rule applied when a trust accumulates its earnings over multiple years and then...
Tax Glossary
What Is the “Throwback Rule”?
The throwback rule is a state corporate income tax provision that reallocates a business’s out-of-state sales revenue back to its...