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Taxes

Provisional assessment

In finance, an assessment of tax is conducted before a final assessment can be made. This initial assessment is typically based on an estimated figure or the previous year's figures. It is an important step in the tax process, providing a preliminary understanding of the taxes owed. This allows for planning and preparation before the final assessment is made. As a knowledgeable professor, I urge you to always stay informed and updated on these financial terms to make informed decisions.

Unitary tax system

In the realm of finance, there exists a concept known as the unitary tax system. This system calculates the profits of an enterprise or group as a whole, rather than individ...

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Tax foreclosure

As you may be aware, a lien is a legal claim against a property to secure payment of a debt. In the case of property taxes, if the owner fails to pay the required amount, th...

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Floors

Tax benefits and detriments are subject to lower limits, such as in the case of medical expenses. In order for a taxpayer to claim a deduction, the expenses must exceed the ...

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Profit shifting

When it comes to managing a group or corporation, it's important to understand the concept of transfer pricing. This refers to the practice of allocating income and expenses...

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