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NATP TERMS #1

Horizontales
A debt no longer has any chance the amount owed will be paid
Any income from all sources inside and outside the US regardless if a tax reporting form is received
A notice sent to individuals explaining a computational error in their tax return, as well as the options for appeal
An individual doing an action for hire. (Employees, statutory employees or non-employees, and independent contractors
Any expenses incurred to enable an individual to be gainfully employed, and are paid for household services or for the care of one or more qualifying individuals
Verticales
An interest in operations to extract minerals which bears the burden and risk of developing and operating the property
A transaction where an investor sells a losing security to claim a capital loss, only to repurchase it again for a bargain
A benefit allowed for a taxpayer that is the value of property or services that an employee could deduct as a trade or business, or depreciation expense if paid for by that employee
A test for material participation whereby an individual performs more than 750 hours of service during the year
The capital of a business used in its day to day trading operations, calculated as the current assets minus the current liabilities
A defined contribution qualified plan where an employer and/or employee can make contributions from their paycheck
A taking of property by the IRS which is ultimately found to not be correct