Examlex
A 70 percent partner has a $5,000 recognized loss when he sells equipment with a basis of $35,000 to the partnership at its FMV of $30,000.
Fee
A charge for a service provided or the right to engage in certain activities or transactions.
Eliminate
To completely remove or get rid of something, such as expenses, debts, or items from a list or inventory.
Average Daily Float
The average amount of uncollected funds in a bank account over a specified period.
Cheques
A document that orders a bank to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued.
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