Industry Related Definitions
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U
Unadjusted Basis
The basis
of property for purposes of figuring depreciation under ACRS or MACRS.
The unadjusted basis is the original cost or other basis without
regard to salvage value.
Underpayment Penalty
If a taxpayer did not pay enough tax on a timely basis during the
year, he or she will have an underpayment of estimated tax, and may,
depending on circumstances, be required to pay a penalty. The penalty,
if any, is computed on Form 2210.
Unearned Income
Taxable
income other than that received for services performed (earned
income). Unearned income includes money received for the investment of
money or other property, such as interest, dividends, and royalties.
It also includes pensions, alimony, unemployment compensation, and
other income that is not earned.
Unlike Properties
Properties
that are used for different purposes and/or are of different types.
Unstated Interest
Interest
that must be calculated and the sale price reduced by this amount when
interest is not stated in an installment agreement or the interest
rate used is less than the applicable rate.
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