Income means: economic benefit; money or value received. Former IRC (check if this IRC provision is current here) §61. Code Sections about Income Sec. 61. Gross income defined Sec. 62. Adjusted gross income defined Sec. 63. Taxable income defined Sec. 64. Ordinary income […]
Depreciation means: an accounting technique in which the cost of an asset is allocated over its useful life. A deduction to reflect the gradual loss of value of business property as it wears out. Former IRC (check if this IRC provision is current here) §167. See Accelerated Cost Recovery […]
Unrecaptured Section 1250 Gain When a depreciable asset is sold, the depreciation that has been allowed or allowable may be … Read more