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In the Commonwealth of Nations almost all jurisdictions have codified the law relating to negotiable instruments in a Bills of Exchange Act, e.g. Bills of Exchange Act 1882 in the UK, Bills of Exchange Act 1890 in Canada, Bills of Exchange Act 1908 in New Zealand, Bills of Exchange Act 1909 in Australia, [2] the Negotiable Instruments Act, 1881 in India and the Bills of Exchange Act 1914 in ...
Although it is not used in the Internal Revenue Code, the term "boot" is commonly used in discussing the tax implications of a 1031 exchange. Boot is an old English term meaning "something given in addition to." "Boot received" is the money or fair market value of "other property" received by the taxpayer in an exchange.
When the loan was repaid, the borrower would regain ownership. Bills of sale used in this way are known as "security bills". Sometimes, bills of sale would transfer ownership outright, such as when a person sold their goods to another while retaining possession. Bills of sale used for purposes other than borrowing money are known as "absolute ...
A like-kind exchange under United States tax law, also known as a 1031 exchange, is a transaction or series of transactions that allows for the disposal of an asset and the acquisition of another replacement asset without generating a current tax liability from the sale of the first asset. A like-kind exchange can involve the exchange of one ...
If this discount is applied, the value of the amount returned to the holder of the acceptance will mathematically be lower than the True Value (or Present Value) of the note. [9] The difference is called as Banker's Gain and represents the profits earned by the Bank in exchange for accepting the risk of default.
Uncirculated — pristine condition bills Note that within these categories are subcategories. For example, there are choice uncirculated, gem uncirculated, superb gem uncirculated and supreme gem ...
Ad valorem tax is any tax that is based on the actual value of the item being taxed. Nearly any type of tax can be an ad valorem tax. Nearly any type of tax can be an ad valorem tax. Direct tax is a tax paid by a person, as opposed to a tax levied on a business that the person indirectly pays.
Currency collectors may be willing to pay up to $150,000 if you have two $1 dollar bills with the same printing error, ... Under the right condition and matching serial number, currency collectors ...