Glossary If this doesn't clear things up, just come in. We'll explain everything you need to know. A B C D E F G H I J K L M N O P Q R S T U V W Click the first letter of the term you're searching for to get an easy-to-understand explanation. Like-Kind Properties - Properties of the same nature or character, even if they differ in grade or quality. Limited Liability Company - An entity formed under state law by filing articles of organization as an LLC. Unlike a partnership, none of the members of an LLC are personally liable for its debts. An LLC may be classified for federal income tax purposes as a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in the Treasury Regulations, section 301.7701-3. Limited Liability Partnership (LLP) - A partnership formed under a state limited liability partnership law. Generally, a partner in an LLP is not personally liable for the debts of the LLP or any other partner, nor is a partner liable for the acts or omissions of any other partner, solely by reason of being a partner. Limited Partnership - A partnership formed under a state's limited partnership law and composed of at least one general partner and one or more limited partners. Listed Property - Items specifically named (listed) in IRS code as subject to special rules for depreciation. Listed property includes passenger automobiles and any other property used for transportation; property of a type used generally for entertainment, recreation, or amusement; computers and their peripheral equipment (unless used only at a regular business establishment and owned or leased by the person operating the establishment); and cellular telephones or similar telecommunications equipment. Loan Origination Fees - The costs incurred to obtain a loan. Long-Term Holding Period - A period of more than one year. Lump-Sum Distribution - The distribution or payment made in one tax year of a plan participant's entire balance from all of the employer's qualified plans of one kind; for example, pension, profit-sharing, or stock bonus plan. Luxury Automobile - A vehicle for which the depreciation deduction is limited because of its purchase price.