1 Terms
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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
gross profit method
Accounting; Tax
An approach to estimating inventory at an interim period The approach is not allowed for year-end purposes or for tax reporting purposes A physical inventory must be made
gross revenue (gross sales)
Accounting; Tax
Includes all sales based on stated invoice amounts and unreduced by customer discounts, allowances, or returns Net sales are gross sales less discounts, allowances, etc
ground rent
Accounting; Tax
Where the building owner rents the land beneath the building from the land owner Ground rents generally are for an extended period of time, 99 years is not unusual There are often special tax and ...
debt
Accounting; Tax
Debt can impact federal income taxes in a number of ways. Discusses the tax impact of mortgage debt, student loan debt, margin loans, and canceled debts.
abusive tax scheme
Apparel; Tax
Defition of an abusive tax scheme: a series of transactions designed solely to avoid income taxes.
adjusted basis definition
Apparel; Tax
Definition of "Adjusted Basis": the net cost of an asset after adjusting for various tax-related items.
