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Tax Glossary
What Is “Bond Premium”?
What Is Bond Premium? A bond premium occurs when you purchase a bond for an amount greater than its face...
Tax Glossary
What Is “Bargain Element”?
What Is a Bargain Element? A bargain element is the difference between the fair market value of a stock and...
Tax Glossary
What Is “Amortization”?
What Is Amortization? Amortization is a tax method used to spread the cost of an intangible asset over its useful...
Tax Glossary
What Is “Alternative Minimum Tax Adjustment”?
What Is an Alternative Minimum Tax (AMT) Adjustment? An Alternative Minimum Tax (AMT) adjustment is a specific change made to...
Tax Glossary
What Is “Airbnb tax”?
“Airbnb tax” is a shorthand term used by hosts to describe the various federal, state, and local tax obligations that...
Tax Glossary
What Is “Accelerated Depreciation”?
What Is Accelerated Depreciation? Accelerated depreciation is a tax method that allows you to deduct the cost of a business...
Tax Glossary
What Is a Section 743(b) Adjustment?
A Section 743(b) adjustment is a special tax calculation that updates a new partner’s share of a partnership’s asset values...
Tax Glossary
What Is a Section 734(b) Adjustment?
A Section 734(b) adjustment is a technical partnership tax calculation that corrects the value of remaining business assets after a...
Tax Glossary
What Is a “Section 754 Election”?
A Section 754 election is a special tax choice made by a partnership or multi-member LLC that synchronizes the tax...
Tax Glossary
What Is “Section 704(c) Gain”?
A Section 704(c) gain is a tax rule that tracks the pre-existing, unsold profit attached to a piece of property...