allocable share of income

allocable share of income: Certain entities receive conduit treatment under the Federal income tax law. This means the earned income or loss is not taxed to the entity, but such amounts are allocated to the owners or beneficiaries thereof, regardless of the magnitude or timing of corresponding distributions. The portion of the entity's income that is taxed to the owner or beneficiary is the allocable share of the entity's income or loss for the period. Such allocations are determined by

(1) the partnership agreement relative to the partners,

(2) a weighted-average stock ownership computation relative to shareholders of an S corporation, and

(3) the controlling will or trust instrument relative to the beneficiaries of an estate or trust

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allocable share of income — Certain entities receive conduit treatment under the Federal income tax law. This means the earned income or loss is not taxed to the entity, but such amounts are allocated to the owners or beneficiaries thereof, regardless of the magnitude or… … Black's law dictionary
income tax — a tax levied on incomes, esp. an annual government tax on personal incomes. [1790 1800] * * * Levy imposed by public authority on the incomes of persons or corporations within its jurisdiction. In nations with an advanced system of private… … Universalium
net income — noun the excess of revenues over outlays in a given period of time (including depreciation and other non cash expenses) • Syn: ↑net, ↑net profit, ↑lucre, ↑profit, ↑profits, ↑earnings • Derivationally related forms: ↑profiteer … Useful english dictionary
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allocate — I verb administer, allot, appoint, apportion, appropriate, arrange, assign, assort, cast, class, classify, collocate, consign, deal, deal out, designate, destine, detail, dispense, disperse, dispose, distribute, divide, divide and bestow in… … Law dictionary

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