An organization established for charitable, humanitarian, or educational purposes that is exempt from some taxes and in which no one in profits or losses.
Similar Matches
Accumulated profits tax
Accumulated profits tax A tax on earnings kept in a firm to prevent the higher personal income tax rate that would obtain if profits were paid out as dividends to the owners.
Book profit
Book profit The cumulative book income plus any gain or loss on disposition of assets.
Excess profits tax
Excess profits tax Additional federal taxes placed on the earnings of a business, used only in time of national emergency such as war.