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
References in periodicals archive ?
However, a CPA should attach a disclosure statement to the estate or gift tax return detailing the capital gains tax liability computation that reduced the stock valuation.
The adviser will then recommend an estimated aggregate contingent income and franchise tax liability to be recorded pursuant to FASB Statement No.
For a short period of time, federal bankruptcy court appeared to be the best forum for accomplishing a foreclosure without gains tax liability being imposed on either the lender or the borrower.
The Company has completed a review of the tax liability associated with the 2004 sale of assets and certain liabilities of the BBI Core Businesses to SeraCare Life Sciences, Inc.
Certain preference items that were used to reduce the taxpayer's regular tax liability must be added back in determining AMT income.
Although the state has not conformed to the federal Victims of Terrorism Tax Relief Act of 2001, a service members entire tax liability is forgiven for the year in which they died and for any earlier tax year beginning with the year of service in a combat zone, if the above requirements apply.
The purpose of the meeting was to discuss TEI's January 14, 2000, submission relating to draft legislation that would impose a civil penalty in certain circumstances on corporate employees for understatements of corporate tax liability.
Soon after, the estate received a notice of deficiency from the IRS proposing a tax liability based on the decedent's earnings before his death and on the estate's income.
Tax departments must simultaneously increase efficiency, effectively manage tax liability, and mitigate risk at a time when talented tax professionals are at a premium and budget constraints are tight.
66(c) equitable relief is that the requesting spouse may be relieved of any unpaid tax liability or deficiency; even deficiencies and underpayments of tax arising from disallowed deductions or credits are eligible.
That we have undertaken to prepare these comments is a measure of our serious concern over draft legislation imposing personal civil penalties on company employees for statements or omissions on corporate tax returns that are determined to be false and that lead to the reduction of the corporation's tax liability.
Individual taxpayers, who would suffer economic hardship if forced to pay their entire tax liability, can now breathe a sigh of relief.