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Simple English definitions for legal terms

bargain purchase

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A quick definition of bargain purchase:

Term: Bargain Purchase

Definition: A bargain purchase is when someone buys something for less than what it is worth. This can happen when someone is selling something quickly or needs money fast. However, if the item is sold for less than its fair market value, the difference between the sale price and the fair market value must be taken into account for tax purposes. If the sale is between family members, it may also have gift-tax consequences.

A more thorough explanation:

Definition: A bargain purchase is a sale of property for less than its fair market value. This is also known as a bargain sale. When a property is sold for less than its fair market value, the difference between the sale price and the fair market value must be taken into account for tax purposes. If the sale is between family members, it may lead to gift-tax consequences.

  • John sold his car to his brother for $5,000, even though the car's fair market value was $8,000. This is a bargain purchase.
  • Susan donated her artwork to a charity for $2,000, even though the artwork's fair market value was $5,000. This is also a bargain purchase.

These examples illustrate how a property can be sold for less than its fair market value, resulting in a bargain purchase. In both cases, the sale price was lower than the fair market value, which means that the seller did not receive the full value of the property. This can have tax implications, especially if the sale is between family members or involves a donation to a charity.

bargainor | bargain sale

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Dkk
16:01
@TheAdoptedOne: he gave up too easily.
[] baddestbunny
16:01
8!
Mr. Bad Fumbla
Bag
Dkk
16:01
Commits to kys when I commit to kms the same day. What a crazy november 5th.
[] baddestbunny
16:02
kms isn't even a t50 you should r&r
does anyone ever think about how we have no idea who everyone else here is? like you guys dont know me at all thats so crazy cause i talked to you more than ppl irl today
i'm a hallucination
the hat man
HopefullyInLawSchool
16:03
isnt r&r a t50?
keep popping benadryls and ill stay online
law school chat roulette
[] baddestbunny
16:04
living out the plot of the movie unfriended in the yale invite-only webinar
You were only invited to round out the numbers anyway lol
Dkk
16:05
I'm too old to r&r, just gunna kms rn.
Dkk
16:05
Gotta get this show on the road.
Dkk
16:05
Lmfao
JumpySubsequentDolphin
16:05
washu stop emailing me while I’m waiting for a decision challenge
[] baddestbunny
16:05
I'm not in their webinar I just thought it would be a funny thing to have happen
[] baddestbunny
16:05
bc I have a sense of whimsy and imagination
Ah, youre a worm gorl'
shaquilleoatmeal
16:07
battle of the bunnies
How bout dat ASU wave
letsseehowitgoesnow
16:08
bunny hows it looking out there?
[] baddestbunny
16:08
I just think it's weird when a make a joke about everyone in the yale webinar being tortured by a malevolent spirit and someone says you only got invited to round out the numbers
why
go off queen
[] baddestbunny
16:09
which number am I rounding out? 5'4 women who deserve to be tortured?
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