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Simple English definitions for legal terms

cash-expenditure method

Read a random definition: attorney's lien

A quick definition of cash-expenditure method:

The cash-expenditure method is a way the government checks if people are reporting all their income for taxes. They look at how much money someone spent on things during a certain time and compare it to how much money they said they made during that time. If the spending is more than the reported income, the government will say that the extra money is taxable income.

A more thorough explanation:

The cash-expenditure method is a technique used by the Internal Revenue Service (IRS) to determine a taxpayer's unreported income. This is done by comparing the amount of money spent on goods and services during a specific period with the income reported for that same period. If the amount spent exceeds the reported income, the difference is considered taxable income.

Let's say that John is a freelance graphic designer who reported an income of $50,000 for the year. However, the IRS notices that John spent $70,000 on various expenses during the same year. Using the cash-expenditure method, the IRS can assume that John's unreported income is $20,000 ($70,000 - $50,000), which would be subject to taxation.

Another example could be a small business owner who reports an income of $100,000 for the year but spends $120,000 on business expenses. In this case, the IRS could use the cash-expenditure method to assume that the business owner's unreported income is $20,000 ($120,000 - $100,000).

These examples illustrate how the cash-expenditure method is used to identify unreported income by comparing reported income with the amount of money spent on expenses. It is important for taxpayers to keep accurate records of their expenses to avoid any discrepancies with the IRS.

cash-equivalent doctrine | cash flow

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election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
i think it just indicates a change in status like under review or stages of review
my stanford address went long as soon as it was marked complete lmao
soapy
10:25
I saw some Reddit adcom say that they can see any time we refresh the status checker; I wonder if it's a red flag if an applicant's checked it like 50 times in a day?
soapy
10:25
Also, can we send another LoR to a school that we've already applied to?
soapy
10:26
Or another essay?
10:30
i'll allow it
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