Law Dictionary Definitions

tax deed.See DEED. [Blacks Law 8th]

tax deduction.See DEDUCTION(2). [Blacks Law 8th]

See unified estate-and-gift tax credit. unified estate-and-gift tax credit.A tax credit applied against the federal unified transfer tax. IRC (26 USCA) § 2001(c)(2). — Often shortened to unified credit. — Also termed applicable exclusion credit. [Cases: Internal Revenue 4182.30. C.J.S. Internal Revenue § 541.] [Blacks Law 8th]

A tax credit intended to stimulate business investment in capital goods by allowing a percentage of the purchase price as a credit against the taxpayer’s income taxes.The Tax Reform Act of 1986 generally repealed this credit retroactively for most property placed in service after January 1, 1986. — Abbr. ITC. [Cases: Internal Revenue 3523; Taxation…

.A tax credit against U.S. income taxes for a taxpayer who earns income overseas and has paid foreign taxes on that income. See FOREIGN-EARNED-INCOME EXCLUSIONN. [Cases: Internal Revenue 4098. C.J.S. Internal Revenue § 481.] “Since direct foreign investments and business operations of United States persons often attract foreign income taxes along with the baseline U.S.…

A refundable federal tax credit on the earned income of a low-income worker with dependent children. • The credit is paid to the taxpayer even if it exceeds the total tax liability. [Cases: Internal Revenue 3532. C.J.S. Internal Revenue § 346.] [Blacks Law 8th]

A tax credit available to a person who is employed full-time and who maintains a household for a dependent child or a disabled spouse or dependent. [Cases: Internal Revenue 3520, 3534; Taxation 1047. C.J.S. Internal Revenue §§ 58, 336–338, 341–343, 345, 347, 354, 489; Taxation § 1758.] [Blacks Law 8th]

tax credit.An amount subtracted directly from one’s total tax liability, dollar for dollar, as opposed to a deduction from gross income. — Often shortened to credit. Cf. DEDUCTION(2). [Cases: Internal Revenue 3520–3537; Taxation 1047. C.J.S. Internal Revenue §§ 58, 336–357, 489–492; Taxation § 1758.] [Blacks Law 8th]

Tax Court, U.S. A federal court that hears appeals by taxpayers from adverse IRS decisions about tax deficiencies. • The Tax Court was created in 1942, replacing the Board of Tax Appeals. — Abbr. T.C. [Cases: Internal Revenue 4645–4655. C.J.S. Internal Revenue §§ 680–687.] [Blacks Law 8th]

tax court. 1.TAX COURT, U.S.2. In some states, a court that hears appeals in nonfederal tax cases and can modify or change any valuation, assessment, classification, tax, or final order that is appealed. [Cases: Taxation 492.6, 1085.5, 1318.5. C.J.S. Taxation §§ 729, 1770–1772, 2048–2054.] [Blacks Law 8th]