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A good lawyer knows the law; a great lawyer knows the judge.
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Legal Definitions - PTI
I object!... to how much coffee I need to function during finals.
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Definition of PTI
PTI stands for previously taxed income under INCOME. It refers to an S corporation's undistributed taxable income that was taxed to the shareholders as of the last day of the corporation's tax year. This income could usually be withdrawn later by the shareholders without tax consequences. PTI has been replaced by the accumulated adjustments account.
For example, if an S corporation had $100,000 of taxable income in a year and distributed $50,000 to its shareholders, the remaining $50,000 would be considered PTI. This means that the $50,000 was already taxed at the corporate level and would not be taxed again when the shareholders withdraw it later.
The law is reason, free from passion.
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Simple Definition
Behind every great lawyer is an even greater paralegal who knows where everything is.
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