Donee is a person who receives a gift from another person or legal entity. Donee also refers to a person that is given the power of appointment.
[Last updated in August of 2022 by the Wex Definitions Team]
tax
donee beneficiary
Donee beneficiary is a third party beneficiary who is the beneficiary of a contract between two other parties which the donee beneficiary is not a party to. For example, if a parent buys a life insurance contract with proceeds from such...
donor
A donor is a person who gives an asset or assets to another person or legal entity. The donor is the person who grants the donee the power of appointment. A donor provides or transmits something without expecting anything in return.
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double taxation
Double taxation refers to the imposition of taxes on the same income, assets or financial transaction at two different points of time.
Double taxation can be economic, which refers to the taxing of shareholder dividends...
EA
EA is an abbreviation for Enrolled Agent. An EA is a tax professional authorized by the Department of the Treasury to represent individual taxpayers before the Internal Revenue Service. The duty of an EA includes preparing tax returns for...
Employer Identification Number (EIN)
An Employer Identification Number (EIN) is a unique nine-digit number assigned to U.S. business entities. The EIN is also known as Federal Employer Identification Number (FEIN) or Federal Tax Identification Number (FTIN). An EIN is unique to...
enumerated powers
Enumerated powers are the powers granted to the Federal government, and specifically Congress, which are mostly listed in Article I, Section 8 of the U.S. Constitution. Namely the power “to lay and collect taxes”, duties, impost and excises,...
estate planning
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for...
examination report
An examination report is any explanation of factual findings that are given in the form of a report after examining something. Examination reports are often seen as the findings issued by the Internal Revenue Service (IRS) to taxpayers...
excise
Excise is defined as an indirect ad valorem tax imposed on goods produced or sold within a country.
[Last updated in January of 2022 by the Wex Definitions Team]