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Tax Glossary
What Is a “Qualified Tuition Program”?
A Qualified Tuition Program (QTP), widely known as a Section 529 plan, is a tax-advantaged savings and investment program established...
Tax Glossary
What Is “Qualified Tuition and Related Expenses”?
Qualified tuition and related expenses are the baseline academic costs required for enrollment or attendance at an eligible educational institution...
Tax Glossary
What Is a “Qualified Education Expense”?
A qualified education expense is an out-of-pocket cost required for enrollment or attendance at an eligible college, university, or vocational...
Tax Glossary
What Is “Qualified Disclaimer”?
A qualified disclaimer is a legal refusal to accept an inheritance, gift, or bequest. By executing this refusal according to...
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...