Examlex
Match each term with its definition.
-These typically bear a disclaimer that states the report has or has not been reviewed for accuracy
FMV
Fair Market Value; an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would likely pay to a knowledgeable, willing, and unpressured seller.
Schedule M-1
A tax form used by corporations to reconcile income reported on the company's financial statements with the income reported on the tax return.
Book Income
The income or profit reported by a company in its financial statements before adjustments for taxes, as per accounting rules, different from taxable income.
Taxable Income
The amount of an individual’s or corporation's income used to determine how much tax is owed, calculated as gross income minus deductions and exemptions.
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