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If Houston Printing Co.purchases a new printing press during the current year for $30,000,pays sales taxes of $2,000,and pays $1,000 for installation,the cost basis for the printing press is $33,000.
Chapter 13
A type of bankruptcy in the United States that allows individuals with a regular income to develop a plan to repay all or part of their debts under court supervision.
Debtor's Estate
All legal or equitable interests of the debtor in property at the time of the bankruptcy filing.
Liquidation Proceeding
A legal process in which a business closes down and its assets are distributed to claimants.
Chapter 7
A provision of the US Bankruptcy Code that involves the liquidation of a debtor's assets to pay off creditors.
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