Examlex
You are writing a report for your company. What are some ways in which you can ensure your language and visuals are accurate? Give examples as appropriate.
FMV
Fair Market Value; the price that property would sell for on the open market between a willing buyer and a willing seller.
Basis
In tax terms, it refers to the amount of a taxpayer's investment in property for tax purposes, used to calculate gain or loss on the sale or disposition of the property.
Inventory
Assets that are held for sale in the ordinary course of business, or in the process of being produced for such sale, or in the form of materials to be consumed in the production process.
Sole Proprietor
An individual who owns and operates a business by themselves, without forming a corporation or a partnership, bearing full responsibility for the business's debts and obligations.
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