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Tax Glossary
What Is a “Livestock Sale”?
A livestock sale is the transaction of transferring ownership of farm animals—such as cattle, horses, sheep, swine, goats, or poultry—to...
Tax Glossary
What Is the Lifetime Gift Tax Exemption?
The lifetime gift tax exemption is a comprehensive federal tax shelter that allows individuals to give away a substantial, multi-million...
Tax Glossary
What Is “Irrevocable trust”?
An irrevocable trust is a legal arrangement that cannot be modified, amended, or terminated by the person who created it...
Tax Glossary
What Is “Intermediate Sanctions”?
Intermediate sanctions are a set of federal excise tax penalties imposed by the IRS directly on non-profit insiders and managers...
Tax Glossary
What Is “Income distribution deduction”?
The income distribution deduction is a tax benefit that allows independent trusts and estates to reduce their taxable income by...
Tax Glossary
What Is “Household Income”?
For U.S. federal tax purposes, household income is the specialized cumulative financial metric used by the Internal Revenue Service (IRS)...
Tax Glossary
What Is the “Health Insurance Marketplace”?
The Health Insurance Marketplace—often referred to as the health insurance exchange or “Obamacare”—is a federally mandated shopping and enrollment platform...
Tax Glossary
What Is “Gross Receipts Tax”?
A gross receipts tax is a state or municipal tax levied on a business’s total gross revenue—meaning every single dollar...
Tax Glossary
What Is Gross Estate?
A gross estate is the total fair market value of all assets, property, and financial interests owned or controlled by...
Tax Glossary
What Is “Grantor trust”?
A grantor trust is a type of trust where the person who creates it (the “grantor”) retains control or a...