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Tax Definitions

Tax Definitions
Tax Definitions A
Tax Definitions B
Tax Definitions C
Tax Definitions D
Tax Definitions E
Tax Definitions F
Tax Definitions G,H
Tax Definitions I
Tax Definitions J,K,L
Tax Definitions M
Tax Definitions N,O
Tax Definitions P,Q
Tax Definitions R
Tax Definitions S
Tax Definitions T
Tax Definitions U,V,W


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Tax Definitions and Terms (N, O)

Net Income: Income left after subtracting all expenses and other deductions.

Net Operation Losses: Losses in a business exceeding current income that may be carried back against income of previous years and carried forward for as a deduction from future income.

Net Worth: The difference between an individual's, or a companies, total assets minus liabilities.

Nonperiodic Distribution: Lump sum distribution that is paid directly to an employee from an employer that falls under the 20% withholding rule.

Nonresident Alien: A person who is neither a United States citizen or permanent resident. Taxes are paid only on earned income from working in the U.S.

Null and Void: Being not valid or legally binding.

Ordinary Income: Income that does not come from capital gains or investments. Ordinary income is earned wages, commissions, salaries, tips, severance pay and other income.

Ordinary Issue Discount (OID): Bonds that don't pay interest but are expected to increase in value over time. It is the difference in the face value of the bond and it's original purchase price.

Ordinary Loss: Loss that is not a capital loss.

Ownership: The right of quiet enjoyment, use, and the right to dispose of property. May be restricted by zoning regulations and laws, tax liens, and other restrictions.

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