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Financial Terms | |
Limited-tax general obligation bond |
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Definition of Limited-tax general obligation bondLimited-tax general obligation bondA general obligation bond that is limited as to revenue sources.
Related Terms:Accrual bondA bond on which interest accrues, but is not paid to the investor during the time of accrual. Accumulated Benefit Obligation (ABO)An approximate measure of the liability of a plan in the event of a After-tax profit marginThe ratio of net income to net sales. After-tax real rate of returnMoney after-tax rate of return minus the inflation rate. Asymmetric taxesA situation wherein participants in a transaction have different net tax rates. Average tax ratetaxes as a fraction of income; total taxes divided by total taxable income. average tax rateTotal taxes owed divided by total income. ![]() Bearer bondbonds that are not registered on the books of the issuer. Such bonds are held in physical form by Before-tax profit marginThe ratio of net income before taxes to net sales. Bondbonds are debt and are issued for a period of more than one year. The U.S. government, local BONDA long-term, interest-bearing promissory note that companies may use to borrow money for periods of time such as five, ten, or twenty years. BondA long-term debt instrument in which the issuer (borrower) is bondSecurity that obligates the issuer to make specified payments BondA financial asset taking the form of a promise by a borrower to repay a specified amount (the bond's face value) on a maturity date and to make fixed periodic interest payments. BondUsually a fixed interest security under which the issuer contracts to pay the lender a fixed principal amount at a stated date in the future, and a series of interest payments, either semi-annually or annually. Interest payments may vary through the life of bond. bondA debt security issued by a government or company. You receive regular interest payments at specified rates while you hold the bond and you receive the face value when it matures. Short-term bonds mature in less than five years; medium-term bonds mature in six to ten years; and long-term bonds mature in eleven years or greater. ![]() BondFixed interest security issued by a corporation or government, having a specific maturity date. Bond agreementA contract for privately placed debt. Bond covenantA contractual provision in a bond indenture. A positive covenant requires certain actions, and Bond-equivalent basisThe method used for computing the bond-equivalent yield. Bond equivalent yieldbond yield calculated on an annual percentage rate method. Differs from annual Bond-equivalent yieldThe annualized yield to maturity computed by doubling the semiannual yield. Bond Equivalent Yieldbond yield calculated on an annual percentage rate method Bond indentureThe contract that sets forth the promises of a corporate bond issuer and the rights of Bond indexingDesigning a portfolio so that its performance will match the performance of some bond index. Bond pointsA conventional unit of measure for bond prices set at $10 and equivalent to 1% of the $100 face Bond valueWith respect to convertible bonds, the value the security would have if it were not convertible BONDPARA system that monitors and evaluates the performance of a fixed-income portfolio , as well as the Bonds payableAmounts owed by the company that have been formalized by a legal document called a bond. Brady bondsbonds issued by emerging countries under a debt reduction plan. Break-even tax rateThe tax rate at which a party to a prospective transaction is indifferent between entering Bull-bear bondbond whose principal repayment is linked to the price of another security. The bonds are Bulldog bondForeign bond issue made in London. Callable bondA bond that allows the issuer to buy back the bond at a callable bondbond that may be repurchased by the issuer before maturity at specified call price. Canada Savings BondsA bond issued each year by the federal government. These bonds can be cashed in at any time for their full face value. Cash flow after interest and taxesNet income plus depreciation. Collateral trust bondsA bond in which the issuer (often a holding company) grants investors a lien on Collateralized mortgage obligation (CMO)A security backed by a pool of pass-throughs , structured so that Completion bondingInsurance that a construction contract will be successfully completed. Conflict between bondholders and stockholdersThese two groups may have interests in a corporation that convertible bondbond that the holder may exchange for a specified number of shares. Convertible bondsbonds that can be converted into common stock at the option of the holder. Convertible eurobondA eurobond that can be converted into another asset, often through exercise of Corporate bondsDebt obligations issued by corporations. Corporate tax viewThe argument that double (corporate and individual) taxation of equity returns makes Corporate taxable equivalentRate of return required on a par bond to produce the same after-tax yield to Cost of limited partner capitalThe discount rate that equates the after-tax inflows with outflows for capital Country risk GeneralLevel of political and economic uncertainty in a country affecting the value of loans or Coupon BondAny bond with a coupon. Contrast with discount bond. Current Income Tax ExpenseThat portion of the total income tax provision that is based on Current Tax Payment Act of 1943A federal Act requiring employers to withhold income taxes from employee pay. Cushion bondsHigh-coupon bonds that sell at only at a moderate premium because they are callable at a Debenture bondAn unsecured bond whose holder has the claim of a general creditor on all assets of the Deep-discount bondA bond issued with a very low coupon or no coupon and selling at a price far below par Deferred Income Tax ExpenseThat portion of the total income tax provision that is the result Deferred Tax AssetFuture tax benefit that results from (1) the origination of a temporary difference Deferred Tax LiabilityFuture tax obligation that results from the origination of a temporary Deferred taxesA non-cash expense that provides a source of free cash flow. Amount allocated during the Depreciation tax shieldThe value of the tax write-off on depreciation of plant and equipment. depreciation tax shieldReduction in taxes attributable to the depreciation allowance. Discount bondDebt sold for less than its principal value. If a discount bond pays no interest, it is called a Discount BondA bond with no coupons, priced below its face value; the return on this bond comes from the difference between its face value and its current price. Dollar bondsMunicipal revenue bonds for which quotes are given in dollar prices. Not to be confused with Dollar price of a bondPercentage of face value at which a bond is quoted. Double-tax agreementAgreement between two countries that taxes paid abroad can be offset against earnings before interest and income tax (EBIT)A measure of profit that Earnings before interest and taxes (EBIT)A financial measure defined as revenues less cost of goods sold Earnings before interest and taxes (EBIT)The operating profit before deducting interest and tax. Earnings before interest, taxes, depreciation and amortization (EBITDA)The operating profit before deducting interest, tax, depreciation and amortization. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)An earningsbased measure that, for many, serves as a surrogate for cash flow. Actually consists of working EBDDT - Earnings before depreciation and deferred taxesThis measure is used principally by Effective Tax RateThe total tax provision divided by pretax book income from continuing Electronic Federal Tax Payment Systems (EFTPS)An electronic funds transfer system used by businesses to remit taxes to the government. Equivalent bond yieldAnnual yield on a short-term, non-interest bearing security calculated so as to be Equivalent taxable yieldThe yield that must be offered on a taxable bond issue to give the same after-tax EurobondA bond that is (1) underwritten by an international syndicate, (2) offered at issuance EurobondA debt security issued in a market other than the home market of eurobondbond that is marketed internationally. Eurodollar bondsEurobonds denominated in U.S.dollars. Euroyen bondsEurobonds denominated in Japanese yen. Extendable bondbond whose maturity can be extended at the option of the lender or issuer. Federal Unemployment Tax Act (FUTA)A federal Act requiring employers to pay a tax on the wages paid to their employees, which is then used to create a Fixed-dollar obligationsConventional bonds for which the coupon rate is set as a fixed percentage of the par value. Flower bondGovernment bonds that are acceptable at par in payment of federal estate taxes when owned by Foreign bondA bond issued on the domestic capital market of anther company. Foreign bond marketThat portion of the domestic bond market that represents issues floated by foreign Foreign tax creditHome country credit against domestic income tax for foreign taxes paid on foreign Full coupon bondA bond with a coupon equal to the going market rate, thereby, the bond is selling at par. Full faith-and-credit obligationsThe security pledges for larger municipal bond issuers, such as states and General Agreementon Tariffs and Trade (GATT) a treaty GENERAL-AND-ADMINISTRATIVE EXPENSESWhat was spent to run the non-sales and non-manufacturing part of a company, such as office salaries and interest paid on loans. General cash offerA public offering made to investors at large. general cash offerSale of securities open to all investors by an already-public company. General ledgerA book that contains all the accounts of the company and the balances of those accounts. General ledgerThe master set of accounts that summarizes all transactions occurring General obligation bondsMunicipal securities secured by the issuer's pledge of its full faith, credit, and General partnerA partner who has unlimited liability for the obligations of the partnership. General partnershipA partnership in which all partners are general partners. 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