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People tend to trust public opinion polls more than scientific studies.
Capital Asset
Property owned for investment or personal use, excluding inventory or assets sold as part of a business's regular operations.
Guaranteed Payment
Payments made to partners in a partnership regardless of the partnership's income, often for services rendered or for the use of capital.
Separately Stated Item
Items on a partnership or S corporation tax return that are listed separately to ensure proper tax treatment at the individual level.
Ordinary Expense
In tax terminology, ordinary expense refers to any expense common and accepted in your trade or business operation.
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