by Action Tax | Glossary
Valuation Day A date established by law as the basis of one method of valuation for the calculation of capital gains or losses for income tax purposes. Variable Interest Rate An interest rate that fluctuates according to a measure or an index. Variable rates on loans...
by Action Tax | Glossary
Ultra Vires Traditionally, the purpose of a corporation was closely spelled out in its articles of incorporation. If the corporation acted beyond its described purposes these actions were unenforceable against the corporation or by the corporation. However, most...
by Action Tax | Glossary
Tangible Asset Anything that has a value and physically exists, such as land, machines, equipment or currency. Tariff Duty A tax on imports collected by state custom authorities. Tax Avoidance Legal minimization of the impact of taxation. Tax Credit A...
by Action Tax | Glossary
S Corporation A small corporation which elects sub-chapter S tax treatment. This tax treatment allows the corporation to avoid federal level taxation. Corporate Profits and Losses are passed through to the shareholders. SIMPLE (Savings Incentive Match Plan for...
by Action Tax | Glossary
Rate of Return The gain or loss of an investment over a specified period of time, expressed as a percentage of the original investment cost. Rated Policy An insurance policy that covers a higher risk for a higher than usual premium. Ratio Relative size, expressed as...
