Examlex
A customer mails and records a check to a client for payment of an unpaid account on December 30.The client receives and records the amount on January 2.The records of the two organizations will be different on December 31.This represents:
Child Support Payments
Payments made by a non-custodial parent to support their child or children; these are not tax-deductible.
Original Issue Discount
The difference between the par value (or face value) of a bond and the lower price at which it is originally sold, which effectively represents interest paid to the bondholder.
Interest Income
Income earned from the lending of funds or depositing money in interest-bearing accounts.
OID
Original Issue Discount; it refers to the difference between the original issue price of a bond and its maturity value, treated as interest for tax purposes.
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