Tax
Clearance Receipt from State Board of Equalization = new buyer know no successor's liability from business seller
Sale tax is a tax ONLY TANGIBLE personal property
Fed Estate Tax [after death $2m 2006] vs Fed Gift Tax [while living $11,000]
HO prop tax exempt = $7,000 of assessed valuation [ OO on 3/1, filed btn 1/1 & 4/15]
Sale tax is a tax ONLY TANGIBLE personal property
Fed Estate Tax [after death $2m 2006] vs Fed Gift Tax [while living $11,000]
HO prop tax exempt = $7,000 of assessed valuation [ OO on 3/1, filed btn 1/1 & 4/15]
Marginal Tax Rate
marginal Tax Rate;
home owner exemption =$7,000 vs
Homestead is $75,000 or disabled/65aged $100,000
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A marginal tax rate is the tax rate that applies to the last dollar of the tax base (taxable income or spending),[1] and is often applied to the change in one's tax obligation as income rises:
home owner exemption =$7,000 vs
Homestead is $75,000 or disabled/65aged $100,000
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A marginal tax rate is the tax rate that applies to the last dollar of the tax base (taxable income or spending),[1] and is often applied to the change in one's tax obligation as income rises:
A Realized Gain will generally be recognized to the extent of Boot received. See Section 1031.
Example: Abel's land has a Tax Basis of $10,000. [low price now raised to more $$$]
It is worth $75,000. He exchanges the land under Section 1031 for Baker's warehouse worth $70,000 and $5,000 of cash.
Of Abel's $65,000 realized gain, $5,000 will be recognized.
[The amount of gain reported for income tax purposes.=== recognised gain = $5,000 == BOOT]
The $60,000 of unrecognized gain is deferred.
55 aged + = HO purchased within 2 yrs of sale, RE tax base transferable (Prop 60 & 90 allow "empty nester" to purchase new homes, thus freeing up larger room for YOUNGER family) == big -> small
62 aged, $24,000- = senior citizen's prop tax postpone
62 aged, $12,000- HO & renter's property tax rebate [by State Franchise Tax Board, applied btn 5/16 & 8/31, rebate = 1st $8,500 of assessed valuation]
62 aged, $24,000- = senior citizen's prop tax postpone
62 aged, $12,000- HO & renter's property tax rebate [by State Franchise Tax Board, applied btn 5/16 & 8/31, rebate = 1st $8,500 of assessed valuation]
M1 M2 M3 ...what are they?
The different types of money are typically classified as "M"s.
The "M"s usually range from M0 (narrowest) to M3 (broadest) but which
"M"s are actually used depends on the country's central bank. The
typical layout for each of the "M"s is as follows:
Type of money M0 MB M1 M2 M3 MZM Notes and coins (currency) in circulation (outside Federal Reserve Banks, and the vaults of depository institutions) V[8] V V V V V Notes and coins (currency) in bank vaults V[8] V Federal Reserve Bank credit (minimum reserves and excess reserves) V traveler's checks of non-bank issuers V V V V demand deposits V V V V other checkable deposits (OCDs), which consist primarily of negotiable order of withdrawal (NOW) accounts at depository institutions and credit union share draft accounts. V[9] V V V savings deposits V V V time deposits less than $100,000 and money-market deposit accounts for individuals V V large time deposits, institutional money market funds, short-term repurchase and other larger liquid assets[10] V all money market funds V
Type of money M0 MB M1 M2 M3 MZM Notes and coins (currency) in circulation (outside Federal Reserve Banks, and the vaults of depository institutions) V[8] V V V V V Notes and coins (currency) in bank vaults V[8] V Federal Reserve Bank credit (minimum reserves and excess reserves) V traveler's checks of non-bank issuers V V V V demand deposits V V V V other checkable deposits (OCDs), which consist primarily of negotiable order of withdrawal (NOW) accounts at depository institutions and credit union share draft accounts. V[9] V V V savings deposits V V V time deposits less than $100,000 and money-market deposit accounts for individuals V V large time deposits, institutional money market funds, short-term repurchase and other larger liquid assets[10] V all money market funds V
- M0: In some countries, such as the United Kingdom, M0 includes bank reserves, so M0 is referred to as the monetary base, or narrow money.[11]
- MB: is referred to as the monetary base or total currency.[8] This is the base from which other forms of money (like checking deposits, listed below) are created and is traditionally the most liquid measure of the money supply.[12]
- M1: Bank reserves are not included in M1.
- M2: represents money and "close substitutes" for money.[13] M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions. M2 is a key economic indicator used to forecast inflation.[14]
- M3: Since 2006, M3 is no longer tracked by the US central bank.[15] However, there are still estimates produced by various private institutions. (M2 +large deposits and other large, long-term deposits)
- MZM: Money with zero maturity. It measures the supply of financial assets redeemable at par on demand.
