Sunday 25 June, 2017
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Useful Tax Glossary and Definitions

As a courtesy to our clients, we have compiled a comprehensive list of common tax terms and definitions for quick reference.

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Glossary of Terms

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B

Term Definition
Balloon

A final payment on a loan in one lump sum

Basis

Generally, the amount paid for property. You need to know your basis to figure gain or loss on a sale.

Boot

Generally, the receipt of cash or its equivalent accompanying an exchange of property. In a tax-free exchange, boot is subject to immediate tax.