Changing the way you learn

Question	Answer
accelerated death benefits	Early receipt of life insurance proceeds that are not taxable under certain circumstances, such as the taxpayer is medically certified with an illness that is expected to cause death within 24 months
accountable plan	An employer's reimbursement plan under which employees must submit documentation supporting expenses to receive reimbursement and reimbursements are limited to legitimate business expenses
accrual method	A method of accounting that generally recognizes income in the period earned and recognizes deductions in the period that liabilities are incurred
alimony	A support payment of cash made to a former spouse. The payment must be made under a written separation agreement or divorce decree that does not designate the payment as something other than alimony, the payment must be made when the spouses do not live together, and the payments must cease no later than when the recipient dies.
annuity	A stream of equal payments over time
assignment of income doctrine	The judicial doctrine holding that earned income is taxed to the taxpayer providing the service, and that income from property is taxed to the individual who owns the property when the income accrues
barter clubs	Organizations that facilitate the exchange of rights to goods and services between members

Federal Income Taxes- Individual (BUS 419) Chapter 5 Key Terms

	Created by Lucille Lamberson over 1 year ago