Examlex
Figure 27.9
-What does the circled part of the phylogenetic tree above indicate?
FMV
Fair Market Value, the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts.
Basis
The amount of investment in something for tax purposes, used to calculate gain or loss when the property is sold.
Taxable Gain
The increase in value of an asset or investment that is subject to taxes when sold or disposed of.
Fiscal Year-End
The conclusion of a 12-month accounting period for which an organization plans its financial reports and statements.
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