Examlex
To counter the recession of 2008-2009 President Obama and congress created a large increase in government expenditures.
Ordinary Items
Refer to the common income or expenses that affect the net income of a business, as opposed to extraordinary items which are unusual or infrequent.
Partnership Income
The share of profits or losses from a partnership that are allocated to the partners for tax purposes, based on the partnership agreement.
Adjusted Basis
Adjusted Basis is the value of an asset for tax purposes, adjusted for factors like depreciation or improvement costs, used to determine the gain or loss on the asset's sale.
Outside Basis
It refers to the tax basis, or the value of an individual's investment in an entity like a partnership or S corporation, outside of the company's own assets.
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