Tax
Terms & Definitions - U
| Term |
Definition |
| 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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