Tax Evasion
Not paying taxes legally due the government. Examples are the failure to report rental income received and claiming false deductions on real estate holdings. The penalty for tax fraud is 75% of the underpaid tax. There may also be criminal prosecution.
Popular Real Estate Terms
Contractual provision requiring apportionment. ...
Interest is due on a loan only if a particular circumstance occurs. ...
In conducting a real estate transaction, each party is presumed honest and fair with no deceit. The intentions are honorable and realistic. If deception occurs without prior knowledge, the ...
Equals the tax divided by taxable income. Foe example, if the tax is $30,000 on taxable income of $120,000 the effective tax rate if the business is 25% ($30,000/$120,000) ...
Fluctuation in sales, profits, rat of return, etc. Likelihood of declining value. ...
Approach to appraise rental property based on anticipated future earnings to be derived from it plus the estimated selling price at the end of he period held. ...
An agreement, debt, or low which can be operationalized, fulfilled, completed, or performed. ...
Founded in1934 and located in Chicago, IL with a 1993 membership of 8,300, the IAAO seeks to ameliorate assessment standards as well as to perform ongoing property assessment research. The ...
Square footage of space a parcel of land has. ...
Have a question or comment?
We're here to help.