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Recovery |
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Recovery The use of depreciation of assets to offset costs; or a new period of rising securities prices after a period of declining security values. Recovery 1. Rising stock prices or GDP growth following a recession or period of declining growth. See also: Business cycle. 2. The use of depreciation or other deductions or tax credits to receive a refund for what one pays in taxes in a given year. Recovery must sometimes (though not always) be reported as taxable income for the next year.
Recovery The amount of a deduction or creditable expense paid in a previous year that is later refunded to the taxpayer. The recovered amount must usually be included in income in the year it is received, to the extent of the previous tax benefit. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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