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As these transactions are contingent on payments that occur in the future, and the total selling price cannot be determined as of the end of the taxable year of the sale, they are known as Contingent Payment Sales. [1]
Contingent payments are common in some types of installment sales, where, for example, payments are based on the actual rather than the expected profitability of the item sold (typically some percentage of the future profits). Where the contract calls for contingent payments, the regulations recognize three possibilities.
Although the terms of the contract could vary, usually the payment of a commission (or fee) to the brokerage is contingent upon: the successful negotiation of a purchase contract between a satisfactory buyer and seller and the subsequent ability and willingness of the buyer to close the deal, or
No financing: Selling to an iBuying company means an all-cash deal that is not contingent on a buyer successfully securing financing. This eliminates the waiting time of the underwriting process ...
Pages in category "Payments" ... Contingent payment sales; County payments; Cover charge; D. Deficiency payments; Direct Payments; Discharge by purchase; E. Emergency ...
A contingent contract is an agreement that states which actions under certain conditions will result in specific outcomes. [1] Contingent contracts usually occur when negotiating parties fail to reach an agreement. The contract is characterized as "contingent" because the terms are not final and are based on certain events or conditions ...
9. Set up an annuity. An annuity can be a good place to set up reliable income. With a typical annuity, you make payments to an insurance company, which will provide you with a stream of income in ...
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