tax attribute

Definition

Method of accounting for deferred reduction of tax credits, due to not recording a cancelled debt as taxable income. An individual filing bankruptcy is not required to declare cancelled debts as taxable income, but must reduce other tax attributes, such as future tax credits, to compensate.

Use tax attribute in a sentence

It might be in your best interests for your accountants to try and find any tax attribute that they can find.

​ Was this Helpful? YES  NO 25 out of 25 people found this helpful.

It was a tax attribute and we had our accountant handle it because he was really good at doing the boring stuff.

​ Was this Helpful? YES  NO 25 out of 25 people found this helpful.

Since bill recently had his student loans forgiven, he had to reduce the tax attribute of his income so that he was not stuck with a high tax bill

​ Was this Helpful? YES  NO 25 out of 25 people found this helpful.

Show more usage examples...

Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
tax assessment tax audit