Tax Preference Item
Definition of "Tax preference item"
Item falling under Section 57 of the Internal Revenue Code that may result in the imposition of the alternative minimum tax (AMT). These items of otherwise exempt income or deductions or of special tax benefit were targeted to ensure that taxpayers who benefit should pay the minimum amount of tax. An example is contributions of appreciated property.
Popular Real Estate Terms
Rear lining of chimney. An acceptable chimney back lining can be achieved by plastering the interior surfaces of the chimney. A better alternative, however, is a manufactured lining of ...
Giving of a promise or guarantee to the receiver to instill confidence. ...
Loan mandating equal periodic payments to pay off the loan subsequent to the last payment. ...
Individual corporation, and so on permitted by law to own property and engage in business. Here, two or more companies operate under common control. Separate economic unit subject to ...
Room that is fit for living in. the building in which the room is located conforms with the building code and has a certificate of occupancy. Usable for all purposes, but does not include ...
Method of valuing a property through examination and comparison of recent sales of comparable properties. ...
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Under law, a warranty in effect even if not expressly stated. It provides that real property sold is warranted to be appropriate for sale and is in proper condition even if not stated, ...
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