Tag: tax terminology

Decisions — Policing the assets

When is an asset not an asset? Or, more precisely, what is an asset when a specific internal revenue code section doesn’t contain a definition?

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Definitions — The great depreciation

Section 179 depreciation, a tax provision that currently allows taxpayers to write-off up to $500,000 for 2016 ($510,000 for 2017), has been around long enough that you may think you’re very familiar with the rules. Here’s a quiz to check your knowledge.

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Definitions — The art of the appraisal


Art may have no rules, but the Internal Revenue Service does, and some of those rules are about works of art.

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Definition — Backing Up

Image source: openclipart.org by the wizardplusplus

Do you have a backup plan? The IRS does too.

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Definition — Freeing information

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According to the old saying, information wants to be free.

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Definitions — Here, there, everywhere

Source: By J.-N. L. (own re-drawing) [FAL], via Wikimedia Commons

Like the ubiquitous Kilroy of World War II fame, tax law seems to be everywhere. Here are two examples of tax rules popping up where you might not expect them.

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Definitions — Your tax reading diet

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The food pyramid, an old-school nutrition guide issued by the US government, disappeared in 2011. But if your reading diet includes IRS documents, you’re in luck.

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Decisions — Forfeiting the capital gain

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What is a capital asset? Section 1221 of the internal revenue code defines a capital asset primarily by explaining what a capital asset is not.

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Decisions — Collecting the money

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This is not a trick question: What sum would you rather receive, $4.8 million or $17.8 million?

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Definitions – Do you know IRAs?

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Given the year IRAs were introduced, you may have had access to these retirement accounts your entire working life. But how much do you really know about IRAs?

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