Tag: senate
Major Fraud Act Of 1988
What is 'Major Fraud Act Of 1988' A piece of legislation passed during the Reagan administration that modified and strengthened previous fraud...
Abusive Tax Shelter
What is 'Abusive Tax Shelter' An investment scheme that claims to reduce income tax without changing the value of the user's income...
Cancellation Of Debt (COD)
What is Cancellation of Debt (COD)?
Cancellation of debt (COD) is the forgiveness of debt. This can occur when a lender agrees to cancel all...
Tax Court
What is 'Tax Court' A specialized court of law that hears and adjudicates tax-related disputes and issues. The tax court in the...
Tax Benefit
What is a 'Tax Benefit' A tax benefit is an allowable deduction on a tax return intended to reduce a taxpayer's burden...
Tax Code
DefinitionTax law is an area of legal study dealing with the constitutional, common-law, statutory, tax treaty, and regulatory rules that constitute the law applicable...
Dodd-Frank Wall Street Reform and Consumer Protection Act
DefinitionThe Dodd–Frank Wall Street Reform and Consumer Protection Act was signed into United States federal law by US President Barack Obama on July 21,...
Tax Deduction
What is a tax deduction and how does it work
A tax deduction is an expense that can be subtracted from your taxable income. This...
Jobs And Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
In this post, we will be discussing the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA). This was a bill that was...
Land Trust
DefinitionThere are two distinct definitions of a land trust... Land Trust What is 'Land Trust' A legal agreement where a trustee is...