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The American Heritage Dictionary of Business Terms » tax benefit rule
tax benefit rule
tax benefit rule definition - business
tax benefit rule
The tenet that a state or local tax refund resulting from deducting the tax in an earlier period is taxable only to the extent that the deduction resulted in reduced taxes in the earlier period. The entire amount of the refund may not be taxable if the taxpayer was subject to the alternative minimum tax or enjoyed unused tax credits.
The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
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