Terms T Flashcards
1
Q
The act of a government body obtaining a property under its power of eminent domain.
A
Taking
2
Q
An elected or appointed official of a county, city, town or village whose function is to value real property for the purpose of taxation.
A
Tax Assessor
3
Q
Under Section 1031 of the US Internal Revenue Code, the exchange of certain types of property may defer the recognition of capital gains or losses due upon sale, and hence defer any capital gains taxes otherwise due.
A
Tax-Deferred Exchange
4
Q
An income deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property.
A
Tax Depreciation
