Examlex
There are very important differences between U.S.and international standards regarding contingencies.Even the terms used to refer to situations with unknown outcomes differ.Explain these differences.
Stockholder Basis
The amount invested in a company's stock, used for tax purposes to determine gain or loss on the sale or disposition of the stock.
Taxable Income
The sum of earnings that determines the tax liability of a person or business to the government, once all deductions and exemptions have been applied.
Charitable Contribution
A donation or gift to a non-profit organization or charity that is often tax deductible for the donor.
Net Income
The amount of money left after all expenses, taxes, and deductions have been subtracted from a company's total revenue.
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