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The Ming Dynasty
Basis
The amount paid for an asset, used to calculate gain or loss for tax purposes.
Form 1120
A tax form used by corporations in the United States to report their income, gains, losses, deductions, and credits to the IRS.
Fiscal Year
A fiscal year is a 12-month period used for accounting purposes and preparing financial statements, not always coinciding with the calendar year.
FMV
Fair Market Value, the price at which property would sell on the open market between a willing buyer and seller.
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