Tag: BA

  • Basis

    Basis means:an amount usually representing the taxpayer's cost in acquiring an asset. It is used for a variety of tax purposes, including computation of gain or loss on the sale or exchange of the asset and depreciation with respect to the asset. Former IRC (check if this IRC […]

  • Bank Reconciliation

    Description and Definition of Bank Reconciliation A bank reconciliation is a verification of a bank statement balance against the depositor's check book balance. Resources See Also Further Reading Bank Reconciliation in the West's Tax Law Dictionary Bank Reconciliation in "A […]

  • Balance Sheet

    Balance Sheet means:a financial statement that gives an accounting picture of the property owned by a company or individual and of claims against that property on a specific date. The left (debit) side of a balance sheet lists assets; the right (credit) side shows liabilities and […]

  • Balloon Payment

    Description and Definition of Balloon Payment A balloon payment is usually a final loan payment that is considerably higher than the prior regular payments. You may have a balloon payment for a short term loan that you intend to refinance. Resources See Also Further Reading Balloon Payment in […]

  • Bankruptcy Tax

    Bankruptcy Tax Act of 1980 Issue You may find information about Bankruptcy Tax Act of 1980 in this Tax Platform of the American Encyclopedia of Law.

  • Bargain Sale to Charity

    Description and Definition of Bargain Sale to Charity The sale of property to a charity at a price that's less than the fair market value. Under certain circumstances this may result in a tax deduction or taxable income to you. If the property has appreciated in value you must allocate […]

  • Bankruptcy

    Bankruptcy means:a state of insolvency of an individual or an organization, that is, an inability to pay debts. Two kinds of bankruptcy under U.S. law are: (1) Chapter 7, or involuntary, when one or more creditors petition to have a debtor judged insolvent by a court, and (2) Chapter 11, […]

  • Backup Withholding

    Backup Withholding means:the procedure used to ensure that federal income tax is paid on earnings even though the recipient cannot be identified by a Social Security number. Banks, brokers, and other entities report nonwage earnings paid out on U.S. Internal Revenue Service (IRS) Former […]

  • Bargain Sale

    About Bargain Sale: generally, the sale of property for less than fair market value. A bargain aile to a charitable organization is treated as partly a charitable contribution deduction . and partly a sale or exchange. The basis of the property sold must be allocated between the portion “sold” and t…

  • Barrier Removal Costs

    Barrier Removal Costs means:a business deduction of up to $15,000 of the costs of removing architectural and transportation barriers for handicapped and elderly people in the year paid or incurred. Otherwise, such costs must be capitalized and depreciated. Former IRC (check <a href="http://lawi….