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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.
The study found that "about half" of bankruptcy filers in the year 2001 cited out-of-pocket medical bills in excess of $10,000 as a major contributor to bankruptcy (the average bankruptcy filer in this study was a 41-year-old woman with a median income of $25,000, slightly below the personal income average for that year).
The cost basis of an asset is important to you for two primary reasons – tax planning and investment planning. These two reasons are related because only with the proper investment planning can ...
By 2008, Lehman had assets of $680 billion supported by only $22.5 billion of firm capital. From an equity position, its risky commercial real estate holdings were thirty times greater than capital. In such a highly leveraged structure, a three- to five-percent decline in real estate values would wipe out all capital. [4]
Selling a home requires you to navigate a fluctuating real estate market — and if you happen to sell when supply outpaces demand, you may get much less for your home than you were expecting.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
Update: Big Lots says it reached a deal in late December to keep hundreds of U.S. stores open. Big Lots is preparing to close all of its stores, the bankrupt discount retailer said Thursday. The ...
The Bankruptcy Act of 1919 [42] 1 July 1920 subject reassumed by the Parliament of Canada; covered all individuals, companies and other entities; voluntary and involuntary bankruptcy allowed; 1923 The Bankruptcy Act Amendment Act, 1923 [43] trustee to be selected by the estate's creditors (they were previously appointed by the government)