Tax Law Crossword Puzzle

QUESTIONS LIST:

• capital gain: the increase in the value of an asset when it is sold.
• goodwill: the value of the reputation of the business.
• taxpayer first act: the codification of the requirement of an independent administrative appeals function within the internal revenue service.
• step up:, what happens when the price of an inherited asset on the date of the decedent's death is above its original purchase price.
• qji: prop. held by married individuals as either tenants by the entirety or joint tenants with right of survivorship if the married couple are the only joint tenants.
• amortization: a ratable deduction for the cost of certain intangible property over the period specified by law.
• capitalization: adding costs, such as improvements, to the basis of assets.
• depreciation: ratable deduction allowed over a number of years to recover your basis in property that is used more than 1 year for business or income producing purposes.
• fair market value: the price at which property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all necessary facts.
• going concern value: the additional value that attaches to property because the property is an integral part of an ongoing business activity.
• goodwill: the value of a trade or business based on expected continued customer patronage due to its name, reputation, or any other factor.
• intangible: that can't be perceived by the senses such as goodwill, patents, copyrights, and others.
• like kind: items of property with the same nature or character.