Alabama Code 40-18-8. Gain or loss – Recognition
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Terms Used In Alabama Code 40-18-8
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- property: includes both real and personal property. See Alabama Code 1-1-1