promise to pay


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This is a critical distinction because the promise to pay is grounded on the evidence of the past period.
11) Even so, income is not constructively received when the taxpayer's control over receipt is subject to substantial limits or restrictions or when it is a mere unsecured promise to pay.
Briefly described, rabbi trusts involve a transfer of property by a corporate employer to a trust for the benefit generally of a class of selected employees to secure partially or fully a promise to pay the compensation at a future time.
Once verified, the Virtual Agent reminds the debtor of their promise to pay and offers a number of options including accepting payment, providing a mailing address for payments or providing a phone number the debtor can call for more information.
The plan constitutes an unfunded and unsecured promise to pay money or property in the future.
THE promise to pay out compensation within weeks is another great victory for The Welsh Mirror's Justice for the Miners Campaign.
I hold a bond which is an unconditional promise to pay from the Treasury of Japan.
Similarly, a mere promise to pay benefits, not represented by notes or secured in any way and payable only out of the employer's general assets, will not be considered constructively received by the employee.
From the employee's standpoint, a mere promise to pay may not be enough.
Insurance is fundamentally based on a promise to pay, and if that promise cannot be honored, the best price may not be the best deal," Crerar said.
According to the Service, delaying payment through the use of a note (described as merely a promise to pay in the future) alters the true value of the transferor's retained interest.
This actually happened during one dinner visit, resulting in a thoroughly embarrassed serving person and a promise to pay the cleaning bill.