Examlex
What are the differences between a cafeteria plan and a flexible benefits (salary reduction) plan?
Trade or Business
An activity carried out for the purpose of earning income or profit, involving regular and continuous operations in a particular field.
Depreciation
An accounting method to allocate the cost of a tangible asset over its useful life, reflecting wear and tear, decay, or obsolescence.
Gift Tax
A tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return.
Fair Market Value
The price at which an asset would trade in a competitive auction setting, reflecting the value of the asset in the marketplace.
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