An irrevocable life insurance trust (ILIT) is a trust funded primarily by life insurance which cannot be modified, amended or revoked without the permission of the beneficiary. It is mechanism used in estate planning in which a grantor effectively removes all of his rights of ownership to the assets of the trust.

For plan years beginning after 2007, benefits in cash balance plans must be 100 percent vested after three years of service

A stock warrant is an instrument issued by a corporation granting the owner the right to buy a certain amount of stock at a specified price, usually for a limited time. In the case of the holder, a stock warrant is generally treated like an option.

Trade or business interest, as the name suggests, includes any interest incurred in the conduct of a trade or business. So, for example, if a taxpayer borrows funds for working capital in a trade or business, the interest payments would be deductible to a certain extent. The 2017 tax reform legislation modified the tax treatment of trade or business income based upon whether the trade or business is organized as a corporation, or as a pass-through entity (i.e., a partnership or S corporation).