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Describe how memoing,is used in qualitative analysis
Basis
The initial value of an asset for tax purposes, used to calculate depreciation, amortization, and determines the gain or loss on the asset's sale.
Stock
A type of security that signifies ownership in a corporation and represents a claim on part of the company's assets and earnings.
Fiscal Year-End
The last day of a company's accounting period, which is used for financial reporting and tax purposes, and can vary between organizations.
Automatic Extension
A provision allowing taxpayers to automatically extend their deadline for submitting tax returns or other required documents, without needing to provide a reason.
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