Examlex
Where non-like-kind property other than cash is received as boot,the amount of the boot is the property's fair market value.
Average Tax Rate
The proportion of total taxable income that individuals or corporations pay in taxes, calculated by dividing the total tax amount by the total income.
Taxable Income
Income subject to tax by federal, state, or local tax authorities.
Gross Income
The total revenue received before any deductions or allowances, typically in the context of business revenues or individual wages before taxes.
Deductions
Amounts subtracted from gross income to reduce taxable income, including certain expenses, contributions, and allowances.
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