Examlex
Governments may choose whether to account for internal service fund activities on an accrual basis or a modified accrual basis.
Capital Loss
The loss incurred when a capital asset, like stocks or real estate, is sold for less than its purchase price.
Taxpayer
A taxpayer is an individual or entity that is obligated to pay taxes to a federal, state, or local government body.
FMV
Fair Market Value, the price that a property or asset would sell for on the open market between a willing buyer and a willing seller.
Basis
The financial value assigned to an asset for tax purposes, used to determine the gain or loss upon its sale or other disposition.
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