The closing price, also known as the closing quote, refers to the price at which the last transaction of a trading session on an organized securities exchange occurs. This price is critical for valuation purposes in various financial contexts, such as charitable contributions and estates.
An Employer Identification Number (EIN) is a unique Taxpayer Identification Number (TIN) assigned to entities other than individuals, such as partnerships, corporations, estates, and trusts. The EIN is used for the purpose of identifying businesses and certain other entities for tax reporting.
An individual, trust, estate, partnership, association, company, or corporation having certain legal rights and responsibilities.
Schedule K-1 is a tax document used to report the incomes, deductions, and credits of partnerships, S corporations, estates, and trusts for tax purposes.
In various contexts, the term 'settlement' refers to different but related processes involving the distribution, resolution, or agreement on various matters such as estates, legal disputes, or real estate transactions.
Subchapter J of the Internal Revenue Code concerns the taxation provisions related to estates, trusts, beneficiaries, and decedents. It outlines the rules and regulations for income distribution, fiduciary responsibilities, and tax computation for these entities.
Software that helps taxpayers plan for and prepare their tax returns. Programs such as TurboTax and TaxCut help taxpayers analyze their tax situation and take actions to minimize tax liability.
