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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.
If a business uses a 20-year-old property which it owns, depreciation on a historical cost basis might be insignificant. However, the management accounts could show a notional rent payable, being perhaps opportunity cost - the amount the business could receive if it let the property to a third party.
A British newspaper cartoon reacts to the repeal of the Stamp Act 1765.. Taxes were low at the local, colonial, and imperial levels throughout the colonial era. [1] The issue that led to the Revolution was whether Parliament had the right to impose taxes on the Americans when they were not represented in Parliament.
Let’s breakdown what was happening with taxes back then. The top federal income tax rate was 91% for much of the 1950s. However, this figure is a bit misleading regarding what the wealthy paid ...
If you think average home prices are high now, wait until you see what they were the year you were born, or when your parents made their first purchase.
Tax basis of property received by a U.S. person by gift is the donor's tax basis of the property. If the fair market value of the property exceeded this tax basis and the donor paid gift tax, the tax basis is increased by the gift tax. This adjustment applies only if the recipient sells the property at a gain. [7]
Cost basis is key to understanding your tax obligations.
A dingbat is a type of apartment building that flourished in the Sun Belt region of the United States in the 1950s and 1960s, a vernacular variation of shoebox style "stucco boxes". Dingbats are boxy, two or three-story apartment houses with overhangs sheltering street-front parking. [1]