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test 1 vocab - Chapter 1 General partnership each partner...

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Chapter 1 General partnership – each partner is fully responsible for the liabilities incurred by the partnership Limited partnership – one or more of the partners has limited liability, restricted to the amount of capital invested in the partnership Corporation – an artificial being, invisible, intangible, and existing only in the contemplation of law; legally functions separate and apart from its owners S-type corporation – a corporation that, because of specific qualifications, is taxed as though it were a partnership Limited liability company – a cross between a partnership and a corporation under which the owners retain limited liability but the company is run and taxed like a partnership Taxable income – gross income from all sources, except for allowable exclusions, less any tax-deductible expenses Gross income – a firm’s dollar sales from its product or services less the cost of producing or acquiring them Marginal tax rate – the tax rate that would be applied to the next dollar of income Depreciation – the means by which an asset’s value is expensed over its useful life for federal income tax purposes Capital gain (or loss) – as defined by the revenue code, a gain or loss resulting from the sale or exchange of a capital asset Net operating loss carryback and carryforward – a tax provision that permits the taxpayer first to apply a loss against the profits earned in the 2 prior years (carryback). If the loss has not been completely absorbed by the profits in these 2 years, it may be applied to taxable profits in each of the 20 following
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