NOMINEE DIVIDEND
\nˈɒmɪnˌiː dˈɪvɪdənd], \nˈɒmɪnˌiː dˈɪvɪdənd], \n_ˈɒ_m_ɪ_n_ˌiː d_ˈɪ_v_ɪ_d_ə_n_d]\
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A dividend that a nominee receives on behalf of the actual recipient. When the dividend is transferred, the original recipient is mandated to file an IRS Form 1099DIV to qualify for a dividend adjustment to reduce the taxable dividend interest. The new recipient however is obligated to pay a tax on the received dividend income.
By Henry Campbell Black
Word of the day
dust storm
- a windstorm that lifts up clouds of dust or sand a windstorm that lifts up clouds dust or sand; "it was the kind of duster not experienced in years"