Examlex
Identify the factors a court would rely upon to determine whether or not a relationship is a partnership.
Depreciation
A tax deduction reflecting the decrease in value of an asset over time due to wear and tear.
Section 1245
A tax code provision defining the treatment of gains from the sale of depreciable personal property, requiring that such gains be treated as ordinary income to the extent of depreciation taken.
Section 1231 Gain
The profit from the sale or exchange of real or depreciable property used in a business and held longer than one year.
Preferential Rates
Special, often lower, tax rates applied to certain types of income, such as capital gains or dividends, as an incentive or benefit.
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