Tax-liability definition

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.
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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.

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Words near tax-liability in the Dictionary