Law Dictionary Definitions

A return that reflects combined financial information for a group of affiliated corporations. [Cases: Internal Revenue 3865–3880; Taxation 1080. C.J.S. Internal Revenue §§ 17–18, 638; Taxation § 1699.] false return.See FALSE RETURN(2). [Blacks Law 8th]

tax return.An income-tax form on which a person or entity reports income, deductions, and exemptions, and on which tax liability is calculated. — Often shortened to return. — Also termed income-tax return. [Cases: Internal Revenue 4470; Taxation 1079.1, 1313. C.J.S. Internal Revenue §§ 547, 575, 631; Taxation § 2038.] amended return.A return filed after the…

Money that a taxpayer overpaid and is thus returned by the taxing authority. — Also termed tax rebate. [Cases: Internal Revenue 4950; Taxation 535, 904, 1097. C.J.S. Internal Revenue § 780; Social Security and Public Welfare § 207; Taxation §§ 910–914, 919, 1679, 1690, 1764, 1978–1981.] [Blacks Law 8th]

tax redemption.See REDEMPTION. [Blacks Law 8th]

tax rebate.See TAX REFUND. [Blacks Law 8th]

tax-rate schedule.A schedule used to determine the tax on a given level of taxable income and based on a taxpayer’s status (for example, married filing a joint income-tax return). — Also termed tax table.[Cases: Internal Revenue 3545–3552; Taxation 1061–1065. C.J.S. Internal Revenue §§ 331–333, 335, 358–361, 797; Taxation § 1698.] [Blacks Law 8th]

marginal tax rate.In a tax scheme, the rate applicable to the last dollar of income earned by the taxpayer. • This concept is useful in calculating the tax effect of receiving additional income or claiming additional deductions. See TAX BRACKET. [Blacks Law 8th]

A taxpayer’s tax liability divided by the amount of taxable income. — Also called effective tax rate. [Blacks Law 8th]

tax rate.A mathematical figure for calculating a tax, usu. expressed as a percentage. [Cases: Internal Revenue 3545–3552; Taxation 1061–1065. C.J.S. Internal Revenue §§ 331–333, 335, 358–361, 797; Taxation § 1698.] [Blacks Law 8th]

tax-preference items.Certain items that, even though lawfully deducted in arriving at taxable income for regular tax purposes, must be considered in calculating a taxpayer’s alternative minimum tax. See alternative minimum tax under TAX. [Cases: Internal Revenue 3550. C.J.S. Internal Revenue §§ 358–361.] [Blacks Law 8th]