RE-121 Chapter 13: Income Taxation Crossword - Property Sales Income and Government Levies

A tax ______ is an amount of money that can be offset against a tax liability.

______ property. Property held primarily for sale to customers.

Tax-free ______. When like-kind property is exchanged, allowing taxation of the gain to be deferred.

Initial _____ (acquisition cost).

______ tax rate refers to the rate that will apply to the last dollar that a taxpayer earns.

A compulsory contribution to state revenue, levied by the government on workers' income and business profits.

A capital ____ refers to profit that results from a sale of a capital asset, such as stock, bond or real estate, where the sale price exceeds the purchase price.

Taxation Concepts

A tax credit is an amount of money that can be offset against a tax liability.
Inventory property is property held primarily for sale to customers.
A tax-free exchange, also known as a Section 1031 exchange, allows taxation of the gain to be deferred when like-kind property is exchanged.
Initial acquisition cost refers to the cost of acquiring a property or asset.
Marginal tax rate is the rate that will apply to the last dollar that a taxpayer earns.

Tax Terms

Income tax is a compulsory contribution to state revenue, levied by the government on workers' income and business profits.
A capital gain refers to profit that results from a sale of a capital asset, such as stock, bond, or real estate, where the sale price exceeds the purchase price.

Tax Rules and Expenses

A tax form is a federal government document that details the rules individuals and businesses must follow in paying taxes to the government.
A deductible expense is an expense that can be used to reduce taxable income.
A trade or business generally includes any activity carried on for the production of income from selling goods or performing services.
Taxable income includes any economic benefit realized by a taxpayer that isn't excluded from income by the tax code.
Capital expenditures are a type of expenditure.

Test your knowledge of income taxation and real estate with this crossword puzzle from Chapter Thirteen of RE-121. Fill in the blanks with the correct terms related to tax liabilities, like-kind property exchanges, acquisition costs, and tax rates.