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When banks make business loans, they usually ask for security in the form of collateral.Why?
Book Income
The income reported by a business based on the accounting rules of the firm, not necessarily reflecting the taxable income reported to the IRS.
Net Capital Loss
The result when the total capital losses from investments exceed the total capital gains.
Carried Forward
The process of taking unused tax credits or losses and applying them to offset tax liabilities in future periods.
Subchapter S Corporation
A form of corporation that meets specific Internal Revenue Code requirements, allowing it to be taxed as a pass-through entity, thereby avoiding double taxation on dividends.
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