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
The altering of a rented or leased premises by a landlord rendering it unsuitable for habitation in order to effectuate the tenant's vacating. Constructive eviction occurs when the tenant ...
Demolition and removal of all existing structures on a building site and the subsequent construction of a totally new building structure. For example, in a downtown redevelopment project, ...
Upgrading made by a lessee to leased property. Examples are paneling and wallpapering. These improvements revert to the lessor at the expiration of the lease term. As improvement costs are ...
Same as term junior mortgage: Mortgage placed on a property after a previous mortgage. It can be a second, third, etc. mortgage. A junior mortgage is subordinate to the terms of a previous ...
Extent to which soil has cavities or pores, thereby allowing water to pass through. soil productivity;Ability of the soil to accomplish the desired objective such as its capacity for ...
Governmental body that reviews property tax assessment procedures. ...
Document stating one has an ownership interest but not direct control in an asset, estate, or business. While one shares in the benefits of ownership including profits, the direct control ...
An anticipatory breach of contract is the action that occurs when one party in the contract shows their intention to not fulfill their contractual obligations to the other party. The ...
property use which is in violation of the current zoning ordinance, but had been in use prior to the zoning ordinance's enactment. A nonconforming use is normally allowed to continue; ...
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