Tax Glossary

Tax assessment made where there is some danger of tax being lost.

An annuity from which more than one person can receive regular payments. Upon the original annuitant's death, regular payments are made to the designated survivor.

A single return is made jointly by husband and wife.

A form of property ownership in which two or more individuals own property jointly. If one owner dies, the survivors are automatically entitled to the decedent's share of the property.

A term which is loosely used to describe a relationship between parties carrying on an undertaking in common for their individual or common gain. This can be either an incorporated venture or a trustee venture.

Company with legal personality and whose capital is divided into shares. The shareholders are liable only to the extent of the nominal value of their shares.

Bonds and debentures issued by companies that have a low credit evaluation (i.e. below investment grade) from a rating agency such as Standard & Poor's or Moody's.

The power, right, or authority to interpret and apply tax laws or decisions.