tax liability

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  • noun

Words related to tax liability

the amount of tax owed

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Guaranty Trust Bank Plc has the second highest tax liability of N30.85bn, followed by United Bank for Africa Plc, which reported a tax liability of N14.30bn.
A dissipated asset is defined as any asset (liquid or nonliquid) that has been sold, transferred or spent on nonpriority items or debts and that is no longer available to pay the tax liability.
Until such an event occurs, the asset remains on the books of the company with a related deferred tax liability resulting from book over tax basis or amortization expense.
A greater percentage of large FCDCs reported no tax liability in a given year from 1998 through 2005.
The Jaguar's credentials are a 0-60mph acceleration time of 11.4 seconds, a top speed of 120mph, economy of 50mpg, a CO2 figure of 152g/km and a tax liability of 16%.
In Situation 1, neither state law nor the Trust's governing instrument contains any provision requiring or permitting the trustee to distribute to G amounts sufficient to satisfy G's income tax liability attributable to including Trust's income in G's taxable income.
If the taxpayer was to recognize this gain, their total tax liability, including federal, state and local taxes, would be $261,000.
I would like to give them to my daughter but do not want to incur a capital gains tax liability. Is it possible to transfer the shares without me incurring a tax liability?
A good financial advisor can add value by helping you arrange your portfolio and implement strategies to lower your tax liability. Proper planning near the end of the year can be especially helpful, as Solomon Thompson now knows.
Entered on line 44 of the IRS 1040 form, tax credits are a direct, bottom-line reduction of federal income tax liability from all sources of income, including active income from wages, and portfolio income from interest and dividends.
2007-51 concludes that the $1 million tax liability determined in the notice of deficiency is an outstanding tax liability as of April 15, 2005, within the meaning of Regs.
That amount, the estate argued, was the IRAs' fair market value--the amount a willing buyer would pay and a willing seller would accept in an arm's length transaction--as a buyer would consider future tax liability before determining a price.
These companies have professional staffs dedicated to ensuring compliance with the tax law while minimizing their tax liability. TEI members and their staffs are responsible for ensuring the quality, reliability, and documentation of their companies' internal controls for the proper financial accounting and reporting of tax expense, tax assets, and tax liabilities under section 404 of the Sarbanes-Oxley Act.
The IRS says the rule is consistent with the intent of both the foreign tax credit, which is to avoid double taxation of foreign income, and the foreign tax credit limitation, which was written to prevent foreign tax credits from offsetting tax liability on U.S.