Lifetime Learning Credit
A nonrefundable education credit of up to $2,000 per return, available for an unlimited number of years for all years of postsecondary education or for courses taken to improve job skills. The student does not need to be pursuing a degree or other recognized educational credential.
Like-Kind Exchange
The nontaxable exchange of property for the same kind of property.
Listed Property
Listed property includes any property of a type generally used for entertainment, recreation, and amusement (including photographic, phonographic, communication, and video recording equipment). Listed property also includes computers and related equipment (unless they are used in a qualifying office in your home), cellular phones, and passenger automobiles.
Long-Term Capital Gain or Loss
Profit or loss on the sale or exchange of assets or properties that have been held for more than 12 months.
Lump-Sum Distribution
The payment within a single tax year of the entire balance of your interests in all of an employer’s pension or profit-sharing plans. To qualify as a lump-sum distribution (and for favorable ten-year averaging), other requirements must be met.