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IPT CMI GLOSSARY (SCORED) A+
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IPT CMI GLOSSARY (SCORED) A+
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IPT CMIGLOSSARY
(SCORED) A+
IPT CMI
Evatee 10/20/24 IPT CMI
, IPT CMI GLOSSARY (SCORED) A+
Absorption Answer - The condition that exists when a seller does not add sales
or use tax to the selling price as a separate itemized amount, but instead remits
the tax from his or her own funds (not commonly allowed). Compare with
"separation".
Agency Clause Answer - A contract provision that gives one party the authority
to act as an agent of the other. In a construction contract, such a clause may
authorize a contractor to act as the customer's agent in the making purchases.
Agent Answer - A person acting on behalf of another person, with the
authority to bind the other person in dealings with third parties. Note that one
can act on behalf of another without having this authority and this is
sometimes referred to loosely and imprecisely as "agency".
Assessment Answer - Generally refers to a taxing authority's formal assertion
that the taxpayer to whom it is issued owes a stated amount of tax, intereset,
and/or penalty.
Bracket System Answer - A tax chart provided by the jurisdiction that sets forth
ranges of sales prices (usually less than $1.00) and prescribes the amount of
tax due on transactions within each range.
Bulk Sale Answer - A sale of all or a substantial portion of a business's assets.
Examples may include the sale of a division or line of business.
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