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Corporations that sell depreciable real property are not subject to depreciation recapture rules
Social Security
A government program that provides financial assistance to individuals during retirement, disability, or upon the death of a parent or spouse.
Medicare
A federal healthcare program primarily for people aged 65 and older, providing coverage for various medical services.
FICA Tax
Federal Insurance Contributions Act tax used to finance federal programs for old-age and disability benefits (social security) and health insurance for the aged (Medicare).
Payroll Tax
Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay to their staff.
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Q97: Mary determined her AMTI to be $120,000