Examlex
Trace the origins and development of FEMA, from the Carter administration to that of George W. Bush.
Guaranteed Payment
Payments made to partners in a partnership regardless of the partnership's income, often for services rendered or for the use of capital.
Separately Stated Item
Items on a partnership or S corporation tax return that are listed separately to ensure proper tax treatment at the individual level.
Ordinary Expense
In tax terminology, ordinary expense refers to any expense common and accepted in your trade or business operation.
Income Recognition
The accounting principle stating that income should be recognized in the accounting period in which it is earned, regardless of when the cash is received.
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