tax loss

Also found in: Financial.

Related to tax loss: tax loss carryforward

tax loss

(Accounting & Book-keeping) a loss sustained by a company that can be set against future profits for tax purposes

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The court held that minor errors in the indictment and in the way the lower court estimated the total tax loss were harmless.

Fourth Circuit upholds return preparer conviction in RAL wire fraud case

Specifically, TEI believes the Canadian system for tax loss utilization within corporate groups is far too restrictive, subject to significant administrative uncertainty, and imposes unnecessary costs on taxpayers seeking to avail themselves of CRA's administrative concessions.

Canadian pre-budget consultations

Uninsured disaster victims can use the Federal Emergency Management Agency appraisal of their loss to document their tax loss, a code section that was enacted after the Northridge earthquakes of 1994 [Sec.

Disaster tax tips: roadmap of changes to tax code

That gave him a $3,000 tax loss for the year and a $7,000 capital loss to carry forward, as well as cash in his pocket from selling those stocks."

Investing 401: developing a solid tax strategy is critical to making sure your profits don't turn into a loss. (Investing Part 4 Of A Series)

But there usually is little or no tax loss; instead, the loss is treated as an adjustment to ordinary income for tax purposes.

Mutual funds: it's time for better reporting

To be globally competitive, Canada should implement a formal Loss-Transfer System or otherwise provide for group tax loss relief.

TEI's recommendations to the new Canadian government for its 2006 Budget Legislation

Although the Internal Revenue Service rejected the tax loss claims, until recently the agency had been rebuffed in the courts, which concluded the exchanges resulted in realized losses--because the exchanged mortgages were materially different--and the realized losses were deductible because the statutory "wash sale" rules did not apply to mortgages.

Loan swaps and S & Ls

Lois would then be given a $20,000 remedial tax loss allocation t o reflect her share of the book loss.

Allocation of nonrecourse debt under the three-tier sec. 752 allocation process

Indeed, the Government must consider all aspects of the tax system as a whole and, in respect of tax loss utilization for corporate groups, TEI regrets the Canadian system is too restrictive and subject to considerable administrative uncertainty.

Pre-budget deliberations of House of Commons Standing Committee on Finance: September 8, 2003

Of 30 OECD countries surveyed in 2001, Canada was one of only four countries not to provide group tax loss relief directly.

All VAT and more: TEI responds to the European Commission on place of supply rules for services: also urges Canada to adopt group loss rules and accelerate LCT repeal, recommends U.S. Supreme Court consider factor representation

Of thirty OECD countries surveyed in 2001, Canada was one of only four countries that did not provide group tax loss relief directly through its legislation.