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Basis (or cost basis), as used in United States tax law, is the original cost of property, adjusted for factors such as depreciation. When a property is sold, the taxpayer pays/(saves) taxes on a capital gain /(loss) that equals the amount realized on the sale minus the sold property's basis.
Taxpayers who hold real estate as inventory, or who purchase real estate for re-sale, are considered "dealers". These properties are not eligible for Section 1031 treatment. However, if a taxpayer is a dealer and also an investor, he or she can use Section 1031 on qualifying like properties.
The Modified Accelerated Cost Recovery System (MACRS) is the current tax depreciation system in the United States. Under this system, the capitalized cost (basis) of tangible property is recovered over a specified life by annual deductions for depreciation. The lives are specified broadly in the Internal Revenue Code.
A property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. Ad valorem property taxes are collected by local government departments (examples are counties, cities, school districts, and special tax districts) on real property or personal property.
In tax accounting, adjusted basis is the net cost of an asset after adjusting for various tax-related items. [1] Adjusted Basis or Adjusted Tax Basis refers to the original cost or other basis of property, reduced by depreciation deductions and increased by capital expenditures. Example: Muhammad buys a lot for $100,000. He then erects a retail ...
Futures contracts and cost basis. Calculating the cost basis for futures contracts involves assessing the difference between a commodity’s local spot price and its associated futures price. For ...
Reverse auctions are used to fill both large and small value contracts for both public sector and private commercial organizations. In addition to items traditionally thought of as commodities, reverse auctions are also used to source buyer-designed goods and services; and they have even been used to source reverse auction providers.
The pub itself may be owned by the brewery or pub company in question, with the publican renting the pub from the brewery or pub company, termed a tenancy. Alternatively, the brewery may appoint a salaried manager while retaining ownership of the pub; that arrangement is a "managed house". [4]