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Tax

Of or relating to the fees charged by a government on a product, income, or activity; and also to the system by which they are successfully levied.

Industry: Accounting

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Tax

latent defect

Accounting; Tax

A defect which could not be discovered by ordinary and reasonable inspection

adverse opinion

Accounting; Tax

Instead of an unqualified opinion, it's an opinion by a CPA that the financial statements do not represent fairly the results of the operations of the company and/or are not in conformity with ...

acceleration clause

Accounting; Tax

A clause (often in mortgages or other loans) where some action will occur ahead of schedule as a result of some other action For example, an acceleration clause in a loan may mean that the full ...

leasehold interest

Accounting; Tax

The right to the use of real property created by a lease If the rent payable on the lease is below the current market, the lease has a number of years to run and is for a very desirable property, ...

affidavit

Accounting; Tax

A written statement that is sworn to before an officer of the court who is authorized to administer an oath

accidental means death benefit

Accounting; Tax

An option in an insurance policy where the payment is a multiple (frequently double) the policy face amount in the case of death by accidental means Death must usually result from the accidental ...