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Taxes

Base cost

"Good morning class, today we will be discussing an important concept in finance known as 'cost basis'. This term is used in capital gains tax legislation to refer to the original cost of an asset to its owner. In simpler terms, it is the amount of money paid to acquire an asset. Understanding this concept is crucial as it directly affects the calculation of capital gains tax. Let's dive deeper into this topic and explore its implications."

Non-resident

A non-resident, in simple terms, refers to an individual who spends a significant portion of the year outside their country of origin. This is an important concept in financ...

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Tax law, sources of

Tax laws are crucial for understanding the financial landscape. These laws are classified into domestic and international sources. Primary legislation, such as acts or law...

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Deferred income

Deferred income refers to the money that will be earned at a later time, resulting in a delay in paying taxes. This concept is often applied to investments, where the income...

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Valuation principles

Understanding the principles of tax law when it comes to valuing business and non-business assets, as well as inventory, is crucial for any financial professional. This know...

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