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§1231 Gain
A type of gain that arises from the sale of property used in a trade or business, which is subject to favorable capital gains tax rates if held for more than one year.
Self-Employment Income
Income generated by an individual directly from one's own business, trade, or profession, rather than from an employer.
Partnership Basis
The amount of a partner's investment in a partnership for tax purposes, affecting how they report income, gains, and losses.
Guaranteed Payment
Payments made to partners in a partnership regardless of the partnership's income, ensuring the partner receives a steady income.
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