tax liability


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Noun1.tax liability - the amount of tax owed; calculated by applying the tax rate to the tax base
liabilities - anything that is owed to someone else
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
A breakdown of the amount revealed that the tax liability was originally N35.076bn, but a deferred tax asset of N1.46bn was deducted from the amount.
The sum of the taxpayer's income and assets is treated as available to satisfy the taxpayer's federal tax liability
109, Accounting for Income Taxes, is the recognition of deferred tax liabilities for the estimated future tax liability of events recorded in a company's financial statements or tax returns (FAS 109, ~6; Accounting Standards Codification (ASC) ~740-10-10-1 (note that the Financial Accounting Standards have been codifed by FASB; FAS 109 has mostly been codified in ASC topic 740)).
In three prior reports, GAO found differences in the percentages of foreign-controlled and U.S.-controlled corporations reporting no tax liability. GAO was asked to update the previous reports by comparing: (1) the tax liabilities of foreign-controlled domestic corporations (FCDC) and U.S.-controlled corporations (USCC)-including those reporting zero tax liabilities for 1998 through 2005 (the latest available data) and (2) characteristics of FCDCs and USCCs such as age, size, and industry.
If the criteria are satisfied, a loss based on a reasonable estimate of the tax liability to be incurred should be accrued." TEI's proposed presumption would be consistent with current accounting practice for large companies and likely most SEC registrants, Mr.
In the case of the Jaguar X-Type saloon the result is a 2% reduction in company car tax liability and a 3% reduction for the estate.
In the case of the Jaguar X-Type saloon the result is a two per cent reduction in company car tax liability and a three per cent reduction for the estate.
Consequently, G's year 1 personal income tax liability increases by $25,000.
That's why the Section 1031 exchange, a method of protecting capital gains on real estate from unnecessary tax liability that was made popular by California property owners, is increasingly in favor here in New York as property values continue soaring.
How will this affect my tax liability for the year (I am a higher rate taxpayer)?
If you own shares on the record date of the distribution, you will incur a tax liability for that distribution whether or not your own shares have appreciated.