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9 Cards in this Set
- Front
- Back
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The initial basis plus the capital expenditures and minus allowable depreciation deductions |
Adjusted basis |
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A gain or loss is realized when it is separated from the asset this separation generally occurs when the asset is sold |
Realization |
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a game is said to be recognized when it is taxable it is recognized in the year it is realized unless recognized is deferred by the tax code |
Recognition |
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A type of cell when less than 100% of the sales price is received in the year of the sale |
Installment sale |
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When a property is converted to cash involuntarily by the owner condemned destroyed stolen or lost |
Involuntary conversion |
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Money spent on repairs to keep property in ordinary efficient operation and condition |
Capital expenditures |
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Something given or received in a tax-free exchange that is not like kind such as cash |
Boot |
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Do principal residences and personal use property qualify for depreciation deductions |
No |
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When is income taxed |
In the year it is recognized |
