Examlex
Which of the following types of tests predicts whether you will succeed in a single area, such as clerical work or computer programming?
Excluded Gain
Profit from the sale of an asset that can be exempt from taxes, often related to home sales under specific Internal Revenue Code sections.
Recognized Gain
The portion of a capital gain on which taxes must be paid, typically realized when an asset is sold for more than its purchase price.
Adjusted Basis
The original cost of a property plus improvements and minus depreciation or damages, used to calculate capital gains or losses.
Fair Market Value
The price at which a property would sell under normal conditions in an open and competitive market.
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