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Fair Market Value
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code, as well as in bankruptcy laws, in many state laws, and by several regulatory bodies. In litigation in many jurisdictions in the United States the fair market value is determined at a hearing. In certain jurisdictions, the courts are required to hold fair market hearings, even if the borrowers or the loans guarantors waived their rights to such a hearing in the loan documents. FMV is often used for taxation purposes, determining the value of charitable donations, estate planning, and other financial transactions. The specific methods used to determine FMV may vary depending on the type of property or asset involved. Fair market value is subjective and can fluctuate based on market conditions, supply and demand, location, and other factors. Definition United States The fair market value is the pri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code. The IRC is organized topically into subtitles and sections, covering federal income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, effective for the laws in force as of December 1, 1873. Title 35 of the Revised Statutes was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy In The United States
In the United States, bankruptcy is largely governed by federal law, commonly referred to as the "Bankruptcy Code" ("Code"). The United States Constitution (Article 1, Section 8, Clause 4) authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States". Congress has exercised this authority several times since 1801, including through adoption of the Bankruptcy Reform Act of 1978, as amended, codified in Title 11 of the United States Code and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). Some laws relevant to bankruptcy are found in other parts of the United States Code. For example, bankruptcy crimes are found in Title 18 of the United States Code (Crimes). Tax implications of bankruptcy are found in Title 26 of the United States Code (Internal Revenue Code), and the creation and jurisdiction of bankruptcy courts are found in Title 28 of the United States Code (Judiciary and Judicial procedure). Bankruptc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CCH (company)
CCH, formerly Commerce Clearing House, is a provider of Business software, software and information services for Tax advisor, tax, Accountant, accounting and Auditor, audit workers. Since 1995 it has been a subsidiary of Wolters Kluwer. History Commerce Clearing House was founded in 1892 and was acquired by Oakleigh Thorne in 1907. CCH has been publishing materials on U.S. tax law and tax compliance since the inception of the modern Income tax in the United States, U.S. federal income tax in 1913. CCH owned the publisher Facts on File from 1965 to 1993. Wolters Kluwer bought CCH in 1995. Today, CCH is also recognized , IRS, Internal Revenue Service. for its software and integrated workflow tools. CCH operates on a global scale and includes operations in the United States, Europe, Asia-Pacific an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canada Revenue Agency
The Canada Revenue Agency (CRA; ; ) is the revenue service of the Government of Canada, Canadian federal government, and most Provinces and territories of Canada, provincial and territorial governments. The CRA collects Taxation in Canada, taxes, administers tax law and tax policy, policy, and delivers Welfare spending, benefit programs and tax credits. Legislation administered by the CRA includes the ''Income Tax Act,'' parts of the ''Excise Tax Act'', and parts of laws relating to the Canada Pension Plan, employment insurance (EI), tariffs and Duty (tax), duties. The agency also oversees the registration of Canadian Charity Law, charities in Canada, and enforces much of the country's tax laws. From 1867 to 1999, tax services and programs were administered by the Department of National Revenue, otherwise known as Revenue Canada. In 1999, Revenue Canada was reorganized into the Canada Customs and Revenue Agency (CCRA). In 2003, the Canada Border Services Agency (CBSA) was created ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidation Value
Liquidation value is the likely price of an asset when it is allowed insufficient time to sell on the open market, thereby reducing its exposure to potential buyers. Liquidation value is typically lower than fair market value. Unlike cash or other available liquid assets, certain illiquid assets, like real estate, often require a period of several months in order to obtain their fair market value in a sale, and will generally sell for a significantly lower price if a sale is forced to occur in a shorter time period. The liquidation value may be either the result of a ''forced liquidation'' or an ''orderly liquidation''. Either value assumes that the sale is consummated by a seller who is compelled to sell and assumes an exposure period which is less than market normal. The most common definition used by real estate appraisers is as followsDictionary of Real Estate Appraisal, 4th ed., Appraisal Institute, 2002 The most probable price that a specified interest in real property is lik ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Price
A price is the (usually not negative) quantity of payment or compensation expected, required, or given by one party to another in return for goods or services. In some situations, especially when the product is a service rather than a physical good, the price for the service may be called something else such as "rent" or "tuition". Prices are influenced by production costs, supply of the desired product, and demand for the product. A price may be determined by a monopolist or may be imposed on the firm by market conditions. Price can be quoted in currency, quantities of goods or vouchers. * In modern economies, prices are generally expressed in units of some form of currency. (More specifically, for raw materials they are expressed as currency per unit weight, e.g. euros per kilogram or Rands per KG.) * Although prices could be quoted as quantities of other goods or services, this sort of barter exchange is rarely seen. Prices are sometimes quoted in terms of vouch ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Appraisal
Real estate appraisal, home appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value). The appraisal is conducted by a licensed appraiser. Real estate transactions often require appraisals to ensure fairness, accuracy, and financial security for all parties involved. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, etc. Sometimes an appraisal report is also used to establish a sale price for a property. Factors like size of the property, condition, age, and location play a key role in the valuation. Process for Obtaining an Appraisal Appraisals are often required by lenders for issuing or refinancing a loan. In such cases, when the borrower asks the lender for a loan or a refinance, the lender will order an appraisal. Once ordered, the borrower will have to schedule an appointment with the appraiser for the in-home visit. The appraiser will visit the property, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Law
Tax law or revenue law is an area of legal study in which public or sanctioned authorities, such as federal, state and municipal governments (as in the case of the US) use a body of rules and procedures (laws) to assess and collect taxes in a legal context. The rates and merits of the various taxes, imposed by the authorities, are attained via the political process inherent in these bodies of power, and not directly attributable to the actual domain of tax law itself. Tax law is part of public law. It covers the application of existing tax laws on individuals, entities and corporations, in areas where tax revenue is derived or levied, e.g. income tax, estate tax, business tax, employment/payroll tax, property tax, gift tax and exports/imports tax. There have been some arguments that Consumer Law, consumer law is a better way to engage in large-scale redistribution than tax law because it does not necessitate legislation and can be more efficient, given the complexities of tax l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
