taxation

Assessed Value

Assessed value is the value of a property, as determined (assessed) by a tax assessor or appraiser, for tax calculation purposes.

[Last updated in June of 2021 by the Wex Definitions Team]

Assessor

An assessor (sometimes also termed tax assessor) is an official who is responsible for evaluating and assessing a property for tax calculation purposes.

[Last updated in June of 2021 by the Wex Definitions Team]

Assessor's Parcel Number

A number locally assigned to parcels of property for the purposes of taxation and record-keeping.

Association

1. An organization of people that is not incorporated. In general, an association is not a separate entity from the persons who compose it. However, some laws may require associations to pay taxes, particularly if they have certain features that...

C Corporation

Definition

Any corporation that does not qualify and elect to be an S corporation under the Internal Revenue Code. Unlike S corporations, C corporations must always pay income taxes directly to the federal government.

See 26 U.S.C. § 11 and 26 U...

Capital Gains

Capital gain, for income tax purposes, is the gain realized from sale of capital assets. The difference between the original purchase price and the sale price is the gain realized. The tax on capital gains only occurs when an asset is sold or “...

Carryback

Definition from Nolo’s Plain-English Law DictionaryA method for receiving a refund of back taxes by applying a deduction or credit from a current year to a prior year. (See also: carryover)

Definition provided by Nolo’s Plain-English Law Dictionary.

Carryover

Definition from Nolo’s Plain-English Law DictionaryA method by which deductions and credits for one tax year that could not be used to reduce tax liability in that year are applied against tax liability in subsequent years. (See also: carryback)

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Carryover Basis

Carryover basis is a type of basis used when calculating the taxes of a gift recipient. Taxes based on capital gains require looking at the change in value of an asset over time, usually looking at the purchase price. However, for individuals...

Casualty

Definition from Nolo’s Plain-English Law Dictionary1) An accident or event which could not have been foreseen or avoided, such as a shipwreck, fire, or earthquake. 2) The liability or loss resulting from such an accident or event. (See: casualty loss)

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