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A businessman purchases three trucks at an auction.Six months later, he sells one of the trucks.He may choose as his basis for this truck either his adjusted basis in the truck or the FMV of the truck on the date of the auction.
Enforceable Legal Agreement
A contract or agreement that is valid under the law and can be upheld and compelled through legal action.
Special Accounting Software
Customized software solutions designed to meet the unique accounting and financial management needs of specific businesses or industries.
Parol Evidence Rule
The rule that states that evidence of oral statements made before signing a written agreement is usually not admissible in court to change or to contradict the terms of a written agreement.
Wire Transfer
An electronic method of transferring funds from one person or institution to another, typically used for immediate and secure transactions.
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