Tag: AS

Assessment of Deficiency means:the amount of tax determined to be due after an appellate review within the U.S. Internal Revenue Service and a tax court adjudication (if requested)….

Assignor means:the person who assigns or transfers an interest in property or a contract to another. Example of Assignor: Learn more about tax examples, explanations and calculations here. Davis has an option to buy certa…

Assessed Valuation means:the dollar value assigned to property by a municipality for purposes of assessing taxes, which are based on the number of mills per dollar of assessed valuation. If a house is assessed at $100,000 and the tax rate is 50 mills, the tax is $5,000. See <a href="http://lawi….

Assumption of Mortgage means:the taking upon oneself of a mortgagor's obligations toward a mortgagee, generally as part of the purchase price of a parcel of real estate. By assuming the mortgage rather than taking subject to it, the purchaser becomes personally liable for the debt. The seller is…

Asset Freeze means:the situation that occurs when the ownership interest of a business is restructured to permit the older owner to receive an interest that has a fixed liquidation value and a preferred income position. Any appreciation in the value of the business is thus shifted to the younger…

Assignee means:the receiver of an interest in property or a contract from the assignor….

Assessment Ratio means:the ratio of assessed valuation to fair market value. Example of Assessment Ratio: Learn more about tax examples, explanations and calculations here. A county requires a 40% assessment ratio on all …