Examlex
Explain the difference between qualified and absolute privilege.
Involuntary Conversion
An event where property is destroyed, stolen, condemned, or disposed of under the threat of condemnation, and the owner receives other property or compensation in replacement.
Recognized Gain
The portion of gain considered for tax purposes when an asset is sold or disposed of, which may differ from the actual profit realized.
Basis
The initial value of an asset for tax purposes, used to determine gain or loss on sale or disposition.
Rental Property
Real estate property that is owned by an individual or entity and rented out to tenants in exchange for monthly rental payments.
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