The Annual Exclusion amount is the amount of money that one person may transfer to another as a gift without incurring a gift tax or affecting the unified credit. This annual gift exclusion can be transferred in the form of cash or other...
taxation
annual exclusion gift
An annual exclusion gift usually involves cash, stocks, bonds, portions of real estate, or forgiving debt on a family loan in an amount that doesn't exceed the annual gift tax exclusion. The federal government sets the allowable limits for...
APN
APN is the shorthand for assessor’s parcel number.
[Last updated in December of 2021 by the Wex Definitions Team]
applicable exclusion amount
The applicable exclusion amount (also known as unified credit) refers to the total gifts and estate transfers exempted from an individual’s gift and estate taxes. Every U.S. citizen has an applicable exclusion amount for all gifts made inter...
assess
In common parlance, to assess means to evaluate.
In legal contexts, the word assess is usually used in the context of tax law and means to ascertain a valuation of a piece of property for purposes of tax calculation (see...
assessed value
Assessed value is the value of a property, as determined (assessed) by a tax assessor or appraiser, for tax calculation purposes.
[Last updated in June of 2021 by the Wex Definitions Team]
assessor
An assessor (sometimes also termed tax assessor) is an official who is responsible for evaluating and assessing a property for tax calculation purposes.
[Last updated in June of 2021 by the Wex Definitions Team]
assessor's parcel number
An assessor’s parcel number is a unique number assigned to parcels of property such as land by the tax assessor of the property jurisdiction, which is used for record-keeping and tax purposes of such property.
[Last updated in...
association
An association is an unincorporated organization of people banded together for a specific purpose. Generally associations are tax exempt under nonprofit 501 exemption, however, if an association has certain features that make it look like a...
bookkeeping fraud
Overview
Bookkeeping fraud (also referred to as accounting fraud) refers to types of fraud committed by officers, accountants, and other employees that manipulate company finances and records to achieve some kind of personal gain. There are...