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Short-term Loss
A monetary deficit incurred from the sale or trade of an asset owned for less than a year.
Surtax
An additional tax levied on top of the base tax rate for specific purposes or income brackets.
MAGI
Modified Adjusted Gross Income is a measure used by the IRS to determine eligibility for certain tax benefits, adjusting the gross income by adding back certain deductions.
Short-term Gain
Profit realized from the sale of assets held for a year or less, subject to taxes at ordinary income rates in many jurisdictions.
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