As a courtesy to our clients, we have compiled a comprehensive list of common tax terms and definitions for quick reference. | Tax Lingo Troubles? |
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Term | Definition |
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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. |