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Jackson sells qualifying small business stock for $125,000 (adjusted basis of $105,000)in 2011.In calculating gross income for regular income tax purposes,he excludes all of his realized gain of $20,000.The $20,000 exclusion is a tax preference in calculating Jackson's AMTI.
Territorial Governments
Systems of government established in territories, which are regions that are not fully autonomous or sovereign.
Government Business Enterprise
A government-owned entity that operates with the intention to produce goods or services for the market and is expected to be financially self-sufficient.
Statement Of Operations
A financial document, also known as an income statement, showing a company's revenues, expenses, and profits or losses over a specified period.
Net Income
The total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue.
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