A bill that is owed to a government for taxes. The taxes may be income, property, or a variety of other taxes. If tax liabilities are not paid, a lien can be placed on the assets until payment is received.
Tax-liability Sentence Examples
If the funds had passed to the estate of the divorced spouse, the ultimate inheritance tax liability could have been 40 per cent.
It has advantages in the absence of stamp duty, stockbrokers ' commissions and capital gains tax liability.
The tax liability is calculated by offsetting the property related expenses against the rental income.
Be sure you set aside enough money to pay this added tax liability.
This could potentially subject the cardholder to tax liability.