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installment contract |
Also found in: Legal | 0.01 sec. |
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installment contract A contract providing for payment of the purchase price to the seller over time.Installment contracts are given favorable treatment by the IRS (www.irs.gov),which allows the seller to declare gain only as the seller receives principal payments each year,rather than requiring the seller to immediately take into income the entire gross amount of the purchase price.Interest is counted as income in the year paid. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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or retail lessors, to sell guaranteed asset protection products in conjunction with any new retail installment contract or contract for a loan--offered in accordance with Chapter 520, Retail Installment Sales, and the Financial Service Commission rules--but the purchase of such guaranteed asset protection products also may not be used as a condition for making a loan. Ables and the other plaintiffs in the case, the Fifth Circuit confirmed that a retail installment contract containing an arbitration clause should be treated similarly to other agreements containing arbitration clauses. 7) The IRS made no adjustments to ACC's installment contract expenditures for 1994. |
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