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Tax Glossary
What Is “Mid-quarter convention”?
What Is the Mid-Quarter Convention? The mid-quarter convention is a tax rule that changes how you calculate depreciation if you...
Tax Glossary
What Is “Mid-month convention”?
What Is the Mid-Month Convention? The mid-month convention is a tax rule used to determine the start date for depreciating...
Tax Glossary
What Is the “Mark-to-Market Election”?
What Is the Mark-to-Market Election? The mark-to-market election is a special tax choice under Internal Revenue Code Section 475(f) available...
Tax Glossary
What Is “Market Discount”?
What Is Market Discount? Market discount is the difference between the price you pay for a bond on the secondary...
Tax Glossary
What Is “Margin Interest”?
What Is Margin Interest? Margin interest is the interest charged by a brokerage firm on the money you borrow to...
Tax Glossary
What Is “Luxury auto depreciation limits”?
What Are Luxury Auto Depreciation Limits? Luxury auto depreciation limits are IRS-imposed caps on the maximum dollar amount a business...
Tax Glossary
What Is “Like-Kind Exchange”?
What Is a Like-Kind Exchange? A like-kind exchange, often called a Section 1031 exchange, is a tax-deferral strategy that allows...
Tax Glossary
What Is “Involuntary Conversion”?
What Is Involuntary Conversion? An involuntary conversion occurs when your property is destroyed, stolen, condemned, or disposed of under the...
Tax Glossary
What Is “Investment Interest Expense”?
What Is Investment Interest Expense? Investment interest expense is the interest paid on money borrowed to purchase or carry assets...
Tax Glossary
What Is “Intangible asset”?
What Is an Intangible Asset? An intangible asset is a piece of property that has value but lacks a physical...