What BANKRUPTCY means: For tax purposes, a formal petition filed in a Bankruptcy Court under Chapter 7, 11, 12, or 13 of Title 11 of the U.S. Code.
- Definition Business Assets:
- Dictionary Assets used in a trade or business or used to produce rental or royalty income bankruptcy.
- Definition Basis:
- Dictionary to an asset from which gain or loss is determined for income tax purposes when the asset is sold. For assets acquired by purchase, basis is cost. Special rules govern the basis of property received bankruptcy.
- Definition Bond:
- Dictionary corporation or governmental unit to repay, on a specified date, money loaned to it by the bondholder. The holder receives interest for the life of the bond. If a bond is backed by collateral, it is bankruptcy.
- Definition Business Bad Debts:
- Dictionary receivable that have been included in income that are uncollectible, legally binding debts owed to you that are uncollectible, and debts you must pay that you guaranteed in connection with your bankruptcy.
How works Bankruptcy meaning in Tah definition B .