Tax Terminology
Here at PSVS we are in the trenches every day helping you navigate your way through the various complexities of your accounting-related activities. It is easy to forget that not everyone knows all the accounting-specific terminology we use daily.
We have created this fairly comprehensive glossary to supplement your knowledge and understanding and hopefully answer some of your questions.
Of course, if you have any questions send us an email or give us a call: (650) 578-1200.
General Partner
A partner who is personally liable for partnership debts.
General Rule
The method generally used to determine the tax treatment of pension and annuity income from non-qualified plans (including commercial annuities).
General Sales Tax
A tax imposed at one rate with respect to the retail sale of a broad range of classes of items.
Genuine Debt
A debt that arises from a debtor-creditor relationship based on a valid and enforceable obligation to repay a fixed or determinable amount of money.
Going Concern Value
The value associated with a business based on the expectation that the business will continue to function and generate income for the foreseeable future even though there is a change in ownership.
Goodwill
The intangible value of a business based on expected continued customer patronage due to its name, reputation, location, or any other factor.
Gross Distribution
The total amount distributed before any adjustments or considerations for basis.
Gross Distribution (Retirement)
The total amount distributed from a retirement account before income tax and other deductions are withheld.
Gross Income
All income received in the form of money, goods, property, and services that is not exempt from tax. Gross income includes earned income and unearned income.
Gross Profit Percentage
A certain percentage of each installment sale payment (after subtracting interest) that is reported as a gain from the sale.
Gulf Opportunity Zone (GO Zone)
A special tax area specific to Hurricane Katrina designated by the Gulf Opportunity Zone Act of 2005 (GO Zone Act), which consists of the Hurricane Katrina core disaster area as determined by the Katrina Emergency Tax Relief Act of 2005 (KETRA). The GO Zone consists of counties and parishes affected by Hurricane Katrina that the president has determined are eligible for both individual and public assistance from the federal government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.
