Offshore Banking terms starting with L

3 terms

1. Large entity Any entity with gross receipts greater than $10 million during the year the reportable transaction occurs or in the preceding taxable year.
2. Letter of Wishes A letter of wishes is a document that purportedly has no legal status. In fact the document is used to transmit the wishes of the creator or the alleged…
3. Listed transaction A reportable transaction that is the same as, or substantially similar to, a transaction specifically identified by the IRS or FTB as a tax avoidance…