Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-Peter Waldo
Class Asset
Categories of assets grouped together based on having similar financial characteristics, often used in finance for valuation and risk assessment.
Like-kind Treatment
A tax deferral for exchanges of business or investment properties of similar nature, per Internal Revenue Code Section 1031.
Involuntary Conversion
A loss or destruction of property that is unexpected and not initiated by the property owner, which can have tax implications for gains received from insurance or other compensation.
Qualifying Replacement Property
Property that is acquired to replace a property involved in an involuntary conversion, and meets certain criteria to defer recognition of gain for tax purposes.
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