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Tax Dictionary

Tax Dictionary

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    WGL

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One-year subscription, includes all updates.
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WTXD
$230.00

The WG&L Tax Dictionary is a complete desktop reference guide to all tax and tax-related financial terminology. This invaluable resource is a must for any tax or financial professional's library.

Packed in this remarkable single volume are explanations to more than 5,000 terms that arise in federal tax practice - everything from Internal Revenue Code definitions to tax and financial slang.

In addition to being a complete lexicon of tax and financial terms and phrases, the WG&L Tax Dictionary's definitions contain numerous relevant cross-references to the Internal Revenue Code, Treasury Regulations, other government-issued materials, and expert commentaries, including the renowned WG&L tax treatises.

  • Westin: WG&L Tax Dictionary
    • A
      • <strong>A trust</strong> through <strong>absolute gift</strong>
      • <strong>absorber, residential energy credit</strong> through <strong>accrue</strong>
      • <strong>accrued benefits</strong> through <strong>active insurance exception, Subpart F</strong>
      • <strong>actively engaged in business</strong> through <strong>adequate disclosure, substantial understatement# of income tax penalty</strong>
      • <strong>adequate disclosure, twenty-five percent omission</strong> through <strong>administrative member</strong>
      • <strong>administrative powers</strong> through <strong>affirmative action carryover election</strong>
      • <strong>Affordable Care Act credit</strong> through <strong>all earnings and profits amount</strong>
      • <strong>all events test</strong> through <strong>alternative minimum tax</strong>
      • <strong>alternative minimum taxable income</strong> through <strong>announcement</strong>
      • <strong>annual accounting concept</strong> through <strong>anti-intermediary rules</strong>
      • <strong>anti-inversion regulations</strong> through <strong>applicable exclusion amount</strong>
      • <strong>applicable family member</strong> through <strong>apportion</strong>
      • <strong>apportionment</strong> through <strong>Art Advisory Panel</strong>
      • <strong>ascertainable standard#, power of appointment</strong> through <strong>assumption of liabilities</strong>
      • <strong>assumption reinsurance</strong> through <strong>average benefit percentage</strong>
      • <strong>average benefits test</strong> through <strong>away from home overnight#, travel expenses</strong>
    • B
      • <strong>B notice</strong> through <strong>base amount, credit# for increasing research activities</strong>
      • <strong>base amount, golden parachutes</strong> through <strong>beneficial owner withholding certificate</strong>
      • <strong>beneficial owner, withholding on FDAP</strong> through <strong>blockage rule</strong>
      • <strong>blocked account, withholding on foreign accounts</strong> through <strong>books and records</strong>
      • <strong>book/tax disparity</strong> through <strong>brokers or dealers# in securities, inventories</strong>
      • <strong>brother corporation</strong> through <strong>business leagues</strong>
      • <strong>business lease</strong> through <strong>Byrum doctrine</strong>
    • C
      • <strong>C corporation</strong> through <strong>CUP</strong>
      • <strong>CUT</strong> through <strong>capital tax, insurance companies</strong>
      • <strong>capital transaction</strong> through <strong>cash method</strong>
      • <strong>cash method debt instrument</strong> through <strong>certified historic structure</strong>
      • <strong>certified individual#, advance payment of credit for health insurance costs</strong> through <strong>charitable deduction property, reporting</strong>
      • <strong>charitable family limited partnership</strong> through <strong>Circular 230</strong>
      • <strong>Circular E</strong> through <strong>clone funds</strong>
      • <strong>close corporations</strong> through <strong>collection of taxes</strong>
      • <strong>collection period</strong> through <strong>common law</strong>
      • <strong>common law employee</strong> through <strong>compensation, qualified plans</strong>
      • <strong>compensation-related loan</strong> through <strong>computer software, deduction</strong>
      • <strong>computer technology #or equipment, charitable contributions</strong> through <strong>consolidated accumulated earnings credit</strong>
      • <strong>consolidated accumulated earnings tax</strong> through <strong>consumption</strong>
      • <strong>consumption tax</strong> through <strong>contractual right to cut timber</strong>
      • <strong>contract with a retained# economic interest</strong> through <strong>convergence, accounting</strong>
      • <strong>conversion</strong> through <strong>corpus portion</strong>
      • <strong>correction of an error</strong> through <strong>Coverdell education# savings account</strong>
      • <strong>covered asset acquisition</strong> through <strong>creditor release rule</strong>
      • <strong>credit period#, energy investment credit</strong> through <strong>current use valuation# of qualified real estate</strong>
      • <strong>current year business credit</strong> through <strong>cut-off method, tax accounting</strong>
    • D
      • <strong>D reorganization</strong> through <strong>debt exchangeable for common stock</strong>
      • <strong>debt-financed acquisition</strong> through <strong>deemed maturity date</strong>
      • <strong>deemed-owned shares</strong> through <strong>deficiency rate</strong>
      • <strong>deficiency reserves</strong> through <strong>dependent care center</strong>
      • <strong>dependent care credit</strong> through <strong>designated community resident</strong>
      • <strong>designated delivery service</strong> through <strong>direct charitable deduction</strong>
      • <strong>direct cost method</strong> through <strong>discount bond method</strong>
      • <strong>discounted cash flow method</strong> through <strong>disqualified person#, intermediate sanctions</strong>
      • <strong>disqualified person#, like-kind exchanges</strong> through <strong>distributive share, piggyback taxation</strong>
      • <strong>distributor's agreement cancellation</strong> through <strong>documentation, withholding on foreign accounts</strong>
      • <strong>dollar approximate# separate transactions method</strong> through <strong>double jeopardy</strong>
      • <strong>double skip</strong> through <strong>dynasty trust</strong>
    • E
      • <strong>E&P</strong> through <strong>earned income, child #and dependent care credit</strong>
      • <strong>earned income credit</strong> through <strong>educational organization, catch-up election</strong>
      • <strong>educational organization described #in § 170(b)(1)(A)(ii)</strong> through <strong>electric car</strong>
      • <strong>electricity production credit</strong> through <strong>eligible physicians and surgeons' mutual #protection and interindemnity arrangement or association</strong>
      • <strong>eligible property, asset depreciation range system</strong> through <strong>employee relocation loan</strong>
      • <strong>employee representative</strong> through <strong>endowment insurance</strong>
      • <strong>endowment policy</strong> through <strong>environmental tax</strong>
      • <strong>Equal Access to Justice Act</strong> through <strong>estate tax deductions</strong>
      • <strong>estate tax inclusion period</strong> through <strong>excess contribution percentage</strong>
      • <strong>excess contributions, excise tax</strong> through <strong>excess proceeds, refunding issue</strong>
      • <strong>excess profits tax</strong> through <strong>excise tax, tax-exempt entities# that are parties to prohibited tax shelter transactions, and entity managers who knowingly approve prohibited tax shelter transactions</strong>
      • <strong>excise tax, transfers</strong> through <strong>exempt DISC</strong>
      • <strong>exempt facilities or activities, industrial development bonds</strong> through <strong>exordium clause</strong>
      • <strong>expanded affiliated group</strong> through <strong>extended low-income housing commitment</strong>
      • <strong>extended long-term contract</strong> through <strong>extrinsic aid</strong>
    • F
      • <strong>F in a bottle</strong> through <strong>facilities for the local furnishing of electric energy# or gas, tax-exempt bonds</strong>
      • <strong>facility, architectural and transportation barrier expense</strong> through <strong>farm loss deduction limit</strong>
      • <strong>farm method, estate tax valuation</strong> through <strong>fee royalty</strong>
      • <strong>feeder organization</strong> through <strong>Finance Committee, Senate</strong>
      • <strong>financed insurance</strong> through <strong>first tier distribution</strong>
      • <strong>first tier entity</strong> through <strong>flexible spending account</strong>
      • <strong>flight segment</strong> through <strong>foreign base company shipping #income, safe harbor rule</strong>
      • <strong>foreign based documentation</strong> through <strong>foreign income, subchapter S corporations</strong>
      • <strong>foreign income taxes</strong> through <strong>foreign service allowances</strong>
      • <strong>foreign shipping income</strong> through <strong>Form 1120</strong>
      • <strong>Form 1120S</strong> through <strong>fractional rule, accrued benefits</strong>
      • <strong>fractional share formula provision</strong> through <strong>full-time life insurance salesman</strong>
      • <strong>full-time salesman</strong> through <strong>futures contract</strong>
    • G
      • <strong>GAAP</strong> through <strong>general corporate test</strong>
      • <strong>General Counsel's Memorandum</strong> through <strong>gift, gift tax</strong>
      • <strong>gift tax charitable deduction</strong> through <strong>grantor income trust</strong>
      • <strong>grantor lead trust</strong> through <strong>gross profit percentage method</strong>
      • <strong>gross profit ratio, installment sales</strong> through <strong>guaranteed renewable life, accident#, and health insurance policies</strong>
      • <strong>guarantee fund certificates</strong> through <strong>Gulf tax credit bond</strong>
    • H
      • <strong>HDHP</strong> through <strong>health insurance providers fee</strong>
      • <strong>health insurance premium credit</strong> through <strong>highly compensated individual, medical reimbursement plans</strong>
      • <strong>highly erodible cropland</strong> through <strong>home state bonds</strong>
      • <strong>homestead exemption</strong> through <strong>hybrid entity mismatch</strong>
      • <strong>hybrid entity separate unit</strong> through <strong>hypothetical transaction</strong>
    • I
      • <strong>ILM</strong> through <strong>illegal drug trafficking</strong>
      • <strong>illegal rebate</strong> through <strong>includable compensation#, eligible state deferred compensation plans</strong>
      • <strong>includable compensation#, tax-deferred annuities for exempt and educational organization employees</strong> through <strong>incremental cost, energy investment credit</strong>
      • <strong>incremental research credit</strong> through <strong>individual retirement account (IRA)</strong>
      • <strong>individual retirement annuity</strong> through <strong>injuries, compensation for</strong>
      • <strong>injury period</strong> through <strong>insurable interest rule</strong>
      • <strong>insurance</strong> through <strong>intercompany transaction</strong>
      • <strong>intercompany transactions, consolidated returns</strong> through <strong>IRS legal memorandum</strong>
      • <strong>International Accounting Standards Board</strong> through <strong>inverted lease</strong>
      • <strong>investigation expenses</strong> through <strong>IRS agreement, withholding on foreign payments</strong>
      • <strong>IRS FFI list, withholding on foreign accounts</strong> through <strong>item of tax preference</strong>
    • J
      • <strong>janitor's insurance</strong> through <strong>Justice Department</strong>
    • K
      • <strong>KSOP</strong> through <strong>Kovel accountant</strong>
    • L
      • <strong>L and R</strong> through <strong>large food or beverage establishment</strong>
      • <strong>large group health plan</strong> through <strong>legal separation</strong>
      • <strong>legal title</strong> through <strong>liability, limited</strong>
      • <strong>liability, partnership</strong> through <strong>limited branch, withholding on foreign accounts</strong>
      • <strong>limited business interest</strong> through <strong>liquidation right, generation-skipping transfer tax</strong>
      • <strong>liquidation trust</strong> through <strong>long-term capital gains</strong>
      • <strong>long-term capital gains rate</strong> through <strong>low-profit LLC entity</strong>
      • <strong>low-risk offshore account holder</strong> through <strong>luxury water transportation</strong>
    • M
      • <strong>MACRS</strong> through <strong>mandatory payment right, generation-skipping transfer tax</strong>
      • <strong>mandatory retirement age</strong> through <strong>married filing jointly</strong>
      • <strong>married filing separately</strong> through <strong>medical care</strong>
      • <strong>medical care, group health plans</strong> through <strong>Midwestern disaster tax exemption</strong>
      • <strong>Midwestern displaced individual</strong> through <strong>mirror codes</strong>
      • <strong>mirror subsidiary transactions</strong> through <strong>more likely than not</strong>
      • <strong>Morris Trust transactions</strong> through <strong>mutual agreement procedure, OECD</strong>
      • <strong>mutual assessment life insurance companies</strong> through <strong>MyIRA</strong>
    • N
      • <strong>NAIC</strong> through <strong>nerve center test</strong>
      • <strong>net active income</strong> through <strong>net operating loss carryback</strong>
      • <strong>net operating loss carryover</strong> through <strong>new construction, rehabilitation</strong>
      • <strong>new housing price ratio</strong> through <strong>nonallocable receipts</strong>
      • <strong>nonallocation period</strong> through <strong>nondividend distribution</strong>
      • <strong>nondivisive Type D reorganization</strong> through <strong>nonpreferential dividend</strong>
      • <strong>nonprobate asset</strong> through <strong>nonreporting IGA FFI, withholding on foreign accounts</strong>
      • <strong>nonresident alien</strong> through <strong>notice of intent to levy</strong>
      • <strong>notice of levy</strong> through <strong>nunc pro tunc</strong>
    • O
      • <strong>OASDI</strong> through <strong>offset plan</strong>
      • <strong>offsetting allocation</strong> through <strong>open account debt, S corporations</strong>
      • <strong>Open America doctrine</strong> through <strong>options dealer</strong>
      • <strong>option stock</strong> through <strong>other disposition</strong>
      • <strong>other earnings and profits, DISC</strong> through <strong>ozone-depletion factor</strong>
    • P
      • <strong>PAM</strong> through <strong>parity rule</strong>
      • <strong>parole evidence rule</strong> through <strong>partnership distribution</strong>
      • <strong>partnership estate freeze</strong> through <strong>passport certification rules</strong>
      • <strong>passthrough entity</strong> through <strong>payout concept, natural resources</strong>
      • <strong>payroll-based ESOP credit</strong> through <strong>penalty, failure to furnish information# with respect to foreign corporations</strong>
      • <strong>penalty, failure to furnish payee statement</strong> through <strong>penalty, substantial understatement# of income tax</strong>
      • <strong>penalty, substantial #valuation overstatement</strong> through <strong>periodic payment, notional principal contract</strong>
      • <strong>periodic payment, withholding</strong> through <strong>personal property</strong>
      • <strong>personal property, straddles</strong> through <strong>placed in service, qualified film</strong>
      • <strong>placed in service, safe harbor leasing</strong> through <strong>Pomona plan</strong>
      • <strong>pooled debt</strong> through <strong>post-1986 accumulated earnings</strong>
      • <strong>post-1986 foreign income taxes</strong> through <strong>pre-existing entity account, withholding on foreign accounts</strong>
      • <strong>pre-existing individual account, withholding on foreign accounts</strong> through <strong>preponderance of the evidence</strong>
      • <strong>preproductive period</strong> through <strong>principal residence indebtedness</strong>
      • <strong>principal residence, residential energy credit</strong> through <strong>produced film rents</strong>
      • <strong>producer: films and photography</strong> through <strong>prohibited allocation, S corporation ESOP</strong>
      • <strong>prohibited assets</strong> through <strong>proportionate acquisition rules</strong>
      • <strong>proportionate disallowance rule</strong> through <strong>publicly traded security, charitable contributions</strong>
      • <strong>publicly traded security, ESOPs</strong> through <strong>pyramiding of income tax</strong>
    • Q
      • <strong>Q and A</strong> through <strong>qualified bank holding company, personal holding company# income</strong>
      • <strong>qualified bank holding corporation</strong> through <strong>qualified child care facility, employer-provided# child care facilities tax credit</strong>
      • <strong>qualified child care resource and referral expenses#, employer-provided child care facilities tax credit</strong> through <strong>qualified depository institution</strong>
      • <strong>qualified derivatives dealer</strong> through <strong>qualified enhanced oil recovery project</strong>
      • <strong>qualified environmental remediation expenditures</strong> through <strong>qualified fuel, biomass property, energy investment credit</strong>
      • <strong>qualified fuel, credit for producing fuels# from nonconventional sources</strong> through <strong>qualified individual, child and dependent care credit</strong>
      • <strong>qualified individual, estimated taxes</strong> through <strong>qualified medical expenses</strong>
      • <strong>qualified medical expenses, health savings account</strong> through <strong>qualified partnership, qualified financial assets</strong>
      • <strong>qualified partnership, safe harbor leasing</strong> through <strong>qualified publicly traded partnership</strong>
      • <strong>qualified public utility</strong> through <strong>qualified retiree moving expense</strong>
      • <strong>qualified retirement plan</strong> through <strong>qualified stock disposition</strong>
      • <strong>qualified stock disposition, Section 336(e) election</strong> through <strong>qualified United States savings bond</strong>
      • <strong>qualified unitrust interest, estate freezes</strong> through <strong>qualifying gasification project credit</strong>
      • <strong>qualifying government bonds, active banking exception to PFIC rules</strong> through <strong>quitclaim deed</strong>
    • R
      • <strong>R and D</strong> through <strong>real and depreciable business property</strong>
      • <strong>real estate</strong> through <strong>rebate, deficiency</strong>
      • <strong>rebate, negligence penalty</strong> through <strong>recognition</strong>
      • <strong>recognition period, neutrality principle</strong> through <strong>redemption of stock to pay death taxes</strong>
      • <strong>redemption period, qualified discount coupons</strong> through <strong>registered tax return preparer</strong>
      • <strong>registration of tax shelters</strong> through <strong>related or subordinate trustee#, generation-skipping transfer tax (prior law)</strong>
      • <strong>related party avoided cost rules</strong> through <strong>remote contingent interest in trust</strong>
      • <strong>remote continuity of interest</strong> through <strong>replevin</strong>
      • <strong>Reply, Tax Court practice</strong> through <strong>res judicata</strong>
      • <strong>resale DISC</strong> through <strong>residual group</strong>
      • <strong>residual grouping</strong> through <strong>retained interest, depletion</strong>
      • <strong>retained life estate</strong> through <strong>reverse branch rule</strong>
      • <strong>reverse freeze recapitalization</strong> through <strong>right to manage test</strong>
      • <strong>ring fence theory</strong> through <strong>Rushing trust</strong>
    • S
      • <strong>S case</strong> through <strong>sale and purchase inventory method</strong>
      • <strong>sale for contingent payments</strong> through <strong>second examination</strong>
      • <strong>second level withholding tax</strong> through <strong>Section 338 election</strong>
      • <strong>Section 338(b)(3) election</strong> through <strong>Section 534 statement</strong>
      • <strong>Section 643 election</strong> through <strong>Section 1245 recapture</strong>
      • <strong>Section 1245 recovery property</strong> through <strong>securities lending</strong>
      • <strong>securities partnership</strong> through <strong>separate affiliated group</strong>
      • <strong>separate and identifiable operations exception</strong> through <strong>service costs, uniform capitalization rules</strong>
      • <strong>service department, uniform capitalization rules</strong> through <strong>Shea Homes doctrine</strong>
      • <strong>shell corporations</strong> through <strong>significant possession income</strong>
      • <strong>significant power, right or continuing interest</strong> through <strong>sixty-five years of age</strong>
      • <strong>sixty-forty rule</strong> through <strong>small S corporation</strong>
      • <strong>small SEP</strong> through <strong>sourcing rules</strong>
      • <strong>sovereign wealth fund</strong> through <strong>specified foreign corporation</strong>
      • <strong>specified foreign financial asset</strong> through <strong>sponsored entity, withholding on foreign accounts</strong>
      • <strong>sponsored FFI, withholding on foreign accounts</strong> through <strong>state and local income taxes</strong>
      • <strong>state and local personal property taxes</strong> through <strong>stock appreciation right (SAR)</strong>
      • <strong>stock bonus plan</strong> through <strong>strike price</strong>
      • <strong>strip</strong> through <strong>subchapter W</strong>
      • <strong>subdivided real estate</strong> through <strong>substantial estate or gift tax understatement</strong>
      • <strong>substantial gainful activity#, disability income exclusion</strong> through <strong>suit on account stated</strong>
      • <strong>summary assessment</strong> through <strong>suspense account</strong>
      • <strong>suspense account, family farm corporation</strong> through <strong>system group</strong>
    • T
      • <strong>2009 Recovery Act</strong> through <strong>targeted area</strong>
      • <strong>targeted area residence</strong> through <strong>tax and revenue anticipation notes (TRANs)</strong>
      • <strong>Tax Appeals, Board of</strong> through <strong>tax-exempt interest</strong>
      • <strong>tax-exempt leasing</strong> through <strong>tax matters shareholder</strong>
      • <strong>tax motivated transaction</strong> through <strong>tax shelter</strong>
      • <strong>tax shelter, ABA view</strong> through <strong>temporary living expenses, travel</strong>
      • <strong>temporary regulation</strong> through <strong>termination payment, notional principal contracts</strong>
      • <strong>termination, private foundation status</strong> through <strong>thirty-percent PCM</strong>
      • <strong>thirty-percent tax</strong> through <strong>Title 11 case</strong>
      • <strong>Title 11 or similar case</strong> through <strong>trader</strong>
      • <strong>trader fund</strong> through <strong>transfer to controlled corporations</strong>
      • <strong>transfer-type disclaimer</strong> through <strong>trust</strong>
      • <strong>trust-annuity plan</strong> through <strong>two-tier partnerships</strong>
      • <strong>two-trust estate plan</strong> through <strong>Type III supporting organizations</strong>
    • U
      • <strong>UBIT</strong> through <strong>under the jurisdiction of the bankruptcy court</strong>
      • <strong>undercapitalization</strong> through <strong>unified credit trust</strong>
      • <strong>unified gift and# estate tax credit</strong> through <strong>United States dollar approximate# separate transactions method</strong>
      • <strong>United States earnings</strong> through <strong>unreasonable accumulations tax</strong>
      • <strong>unreasonable compensation</strong> through <strong>usury</strong>
    • V
      • <strong>VAT</strong> through <strong>veterans mortgage bond</strong>
      • <strong>veterans' organization</strong> through <strong>vulture trust</strong>
    • W
      • <strong>W&I</strong> through <strong>weighted arithmetic mean#, inventory accounting</strong>
      • <strong>weighted harmonic mean#, inventory accounting</strong> through <strong>withholding rate pool</strong>
      • <strong>withholding return</strong> through <strong>wrongful levy</strong>
    • Y
      • <strong>yearly renewable term reinsurance</strong> through <strong>youth participating in a cooperative# education program</strong>
    • Z
      • <strong>Zakat</strong> through <strong>zone</strong>