A capital gain dividend is any distribution that is designated as such by a regulated investment company in a written notice mailed to its shareholders not later than 60 days after the close of its taxable year. It is treated as a capital gain by the shareholders.
Carryback is a tax provision allowing deductions or credits of one taxable year that cannot be used to reduce tax liability in that year to be applied against tax liability in an earlier year or years.
A closing agreement is a written agreement between a taxpayer and the Internal Revenue Service (IRS) that conclusively settles a tax liability for a specific taxable year ending prior to the agreement date, or settles one or more issues affecting a tax liability.
A taxable year is a period, usually 12 months, during which the tax liability of an individual or entity is calculated. In the case of certain nontaxable entities, it is the period for which tax information is provided.
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