Examples of Federal adjustment in a sentence
Federal adjustment" means an adjustment to an item or amount determined under the Code that affects the computation of a taxpayer's Maine tax liability resulting from a partnership-level audit or other action by the IRS or an amended federal return, refund claim or administrative adjustment request filed by a taxpayer.
Federal adjustment would mean a change to an item or amount determined under the Internal Revenue Code that is used by a taxpayer to compute tax liability under the Income Tax Act, whether that change results from action by the IRS (including a partnership level audit) or from the filing by the taxpayer of an amended federal return, a federal refund claim, or an administrative adjustment request.
Example: a calendar year taxpayer in 1993 amends the 1990 Florida return pursuant to a Federal adjustment to Federal taxable income.
An unforeseeable emergency is a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of a dependent (as defined in section 152(a)) of the Participant, loss of the Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, as defined in Reg.
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