Subject to taxation; liable to be assessed, along with others, for a share in a Something of value, subject to assessment, and to be levied upon and sold for taxes. Williams v. School Dist. No. 32 in County of Fremont, 56 Wyo. 1, 102 P.2d 48, 52.
As applied to costs in an action, the term means proper to be taxed or charged up; legally chargeable or assessable.
See also taxation (taxation of costs)
@ taxable estate
As defined in I.R.C. No. 2051, the taxable estate is the gross estate of a decedent reduced by the deductions allowed by No.No. 2053-2057 (e.g., administration expenses, marital, charitable and ESOP deductions). The taxable estate is the amount that is subject to the unified transfer tax at death.
@ taxable gift
As defined in I.R.C. No. 2503, a taxable gift is the gift that is subject to the unified transfer tax. Thus, a taxable gift has been adjusted by the annual exclusion and other appropriate deductions (e.g., marital and charitable deductions)
@ taxable income
Under the federal tax law, taxable income is gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. Essence of "taxable income" is the accrual of some gain, profit or benefit to taxpayer. In re Goodyear Tire & Rubber Co., Corporate Income Tax 1966, 1967, 1968, 133 Vt. 132, 335 A.2d 310, 313.
- net income
@ taxable year
The taxable period for computing the Federal or state income tax liability; generally it is either the calendar year or a fiscal year of 12 months ending on the last day of a month other than December. I.R.C. No. 441(b).

Black's law dictionary. . 1990.

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  • taxable — tax‧a‧ble [ˈtæksəbl] adjective TAX if something is taxable, you must pay tax on it: • Money in the account is taxable. • investors who buy taxable bond funds * * * taxable UK US /ˈtæksəbl/ adjective FINANCE, TAX ► taxable earnin …   Financial and business terms

  • taxable — tax·able / tak sə bəl/ adj 1: subject to being taxed: making one liable to taxation a taxable amount a taxable event 2: that may be properly charged by the court against the plaintiff or defendant in a suit taxable costs 3: used as …   Law dictionary

  • taxable — [ taksabl ] adj. • 1788; de taxer ♦ Qui peut être taxé, soumis à une taxe (3o). ⇒ imposable. Gains taxables. ● taxable adjectif Qui peut être taxé. ● taxable (synonymes) adjectif Qui peut être taxé. Synonymes …   Encyclopédie Universelle

  • Taxable — Tax a*ble, a. 1. Capable of being taxed; liable by law to the assessment of taxes; as, taxable estate; taxable commodities. [1913 Webster] 2. (Law) That may be legally charged by a court against the plaintiff of defendant in a suit; as, taxable… …   The Collaborative International Dictionary of English

  • taxable — subject to taxation, late 15c., from Anglo Latin taxabilis; see TAX (Cf. tax) (v.) + ABLE (Cf. able) …   Etymology dictionary

  • taxable — tax|a|ble [ tæksəbl ] adjective something that is taxable is something you have to pay tax on: All income over a certain amount is taxable. taxable profits …   Usage of the words and phrases in modern English

  • taxable — UK [ˈtæksəb(ə)l] / US adjective taxable money that you earn or receive is money that you have to pay tax on All income over £4,500 is taxable. taxable profits …   English dictionary

  • taxable — adj. VERBS ▪ be ▪ become ▪ remain ▪ make sth ADVERB ▪ fully …   Collocations dictionary

  • taxable — tax|a|ble [ˈtæksəbəl] adj if money that you receive is taxable, you have to pay tax on it taxable income/profits/earnings etc …   Dictionary of contemporary English

  • taxable — taxability, taxableness, n. taxably, adv. /tak seuh beuhl/, adj. 1. capable of being taxed; subject to tax: a taxable gain. n. 2. Usually, taxables. persons, items of property, etc., that are subject to tax. [1425 75; late ME; see TAX, ABLE] * *… …   Universalium

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