What is audit meaning definition
Define Audit facts. Notion of a taxpayer's return or other transactions with tax consequences.

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Audit Definition

What AUDIT means: An IRS examination and verification of a taxpayer's return or other transactions with tax consequences. An office audit is an audit by the IRS that is conducted in the agent's office. A field audit is conducted by the IRS on the business premises of the taxpayer or in the office of the tax practitioner representing the taxpayer.

Definition Adoption Credit:
Dictionary credit for qualified adoption expenses incurred for each eligible child. The limit on the credit is indexed to inflation. For current figures, see our Adoption Assistance rate table. The limit is a audit.
Definition Accelerated Cost Recovery System (ACRS):
Dictionary depreciation mainly used for property placed in service after 1980 and before 1987. ACRS is also used for certain property placed in service after 1986 that is acquired from a related party who used audit.
Definition Amount Realized:
Dictionary by a taxpayer on the sale or exchange of property. The amount received is the sum of the cash and the fair market value of any property or services plus any of the seller's liabilities assumed audit.
Definition Active Participation:
Dictionary involvement in the management of residential rental real estate property that allows the landlord to deduct annually up to $25,000 of losses from the rental of such property. You are generally audit.

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