taxable

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.

See also adjusted gross estate

- gross estate

@ 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.

See gross income

- 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).

See also accounting period

- fiscal year

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