IMF — See International Monetary Fund IMMOVABLE PROPERTY — Real estate, also known as real estate, includes land, houses and buildings. IMPORT DUTY — See: Duty IMPOST — The term “Impost” refers to taxes, including a tariff on imported goods and the clarification (by law) of goods (imported) to assess correct (import) taxes. IMPUTATION SYSTEM – A system whereby at least a portion of a company`s taxes on its profits is charged on shareholders` tax debt when the company receives distributions of those profits. IMPUTED INCOME — The economic benefits a taxpayer obtains through self-service or the use of ownership of their own property. IMPUTED INTEREST — Implicit interest; In the case of a mortgage that indicates an insufficient interest rate, tax legislation will subject a higher tax rate and a lower amount of capital, which will increase taxes on receipt of the payment. INBOUND TRANSACTION – A term that refers to the tax treatment of foreigners who do business and invest in other countries. INCENTive STOCK OPTION (ISO) — A stock compensation plan in which qualified stock options are tax-exempt at the time of award and at the time of the exercise, but are taxed at the time of sale. American system. INCIDENCE OF TAX — The person who bears the tax burden in the economic sense of the term, who might be different from the person who pays the tax. INCOME PROPERTY — Often real estate purchased for the income it generates.
INCOME SHIFTING — Income splitting INCOME SPLITTING — A set of agreements whose essential feature is that income that would have been taxed in the hands of the person who derives from it at a higher tax rate is taxed in the hands of another person at a lower rate. INCOME STATEMENT — Statement showing a company`s results for a given period. The table shows the company`s revenues and expenses. INCOME SUBJECT TO TAX — All sources of taxable income regardless of tax benefits. INCOME TAX CREDIT — See: Credit, tax INCORPORATION — The process by which a company obtains a state charter allowing it to act as a business. INDEMNIFICATION – The amount that individuals or entities have received in compensation for damages or losses incurred. INDEPENDENT AGENT — See INDEPENDENT CONTRACTOR — An independent contractor. INDEPENDENT ENTREPRISES — Two companies are independent of each other when they are not related.