Wednesday 23 August, 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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U

Term Definition
Unrecaptured Section 1250 gain

Long-term gain realized on the sale of depreciable realty attributed to depreciation deductions and subject to a 25% capital gain rate.

Useful life

The number of years, as set by the IRS, that depreciable business equipment or property is expected to be in use.