Examlex
Which of the following terms best describes David Smith's Cubi?
Loss Carryforward
A tax provision that allows taxpayers to use a current year's losses to reduce taxable income in future years.
Taxable Income
The portion of income that is subject to taxation after all deductions, exemptions, and adjustments.
Equipment
Physical items purchased for use in operations of a business, often subject to depreciation for tax purposes.
Depreciation
The process of allocating the cost of a tangible asset over its useful lifespan, representing wear and tear, deterioration, or obsolescence.
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