Examlex
Laissez-faire refers to a situation in which there is ____ with the workings of the market system.
Like-kind Exchange
A tax-deferred transaction allowing for the exchange of similar types of property without generating a tax liability from the sale.
Involuntary Conversion
An event where property or assets are destroyed, stolen, confiscated, or condemned, forcing the owner to replace them or receive compensation, often with tax implications.
Adjusted Basis
is the original cost of a property adjusted for factors such as depreciation or improvements, used to calculate capital gains or losses.
Non-recognition of Gain
A tax principle that allows taxpayers to defer recognition of capital gains taxes if the gains are reinvested in similar property or under certain qualifying exchanges.
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