Tax Terms Glossary | Gain Power With Knowledge

Underpayment: A payment that is less than the amount required, or due.
Undue Hardship: This is a legal term that is difficult to define; but in general it is a substantial economic loss that would result from the payment of a tax or tax penalty.
Unimproved Property: Land that has not yet been developed.
Unrecognized Gain: The amount of gain that would be recognized if an asset were sold.
Unrelated Business Income: A trade or business that is regularly carried on and unrelated to the tax exempt purpose of a tax exempt organization.
Useful Life: The period of time one expects a depreciating asset to be useful for.
Use Tax: A tax levied upon the use of a good and sometimes services. It is usually only imposed when sales tax was not paid.