Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

bargain purchase

Read a random definition: audit privilege

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
GodsPlanUltimately
14:39
I had to hold my smile laugh back in class right now.
WorthlessAttractiveZombie
14:39
somebody needs to change their name to YMisYoMama so nobody falls for it again
babycat
14:39
why would you ruin the fun like that
babycat
14:39
typical yalie
HopefullyInLawSchool
14:39
I will strike again, I will come up with new ways
WorthlessAttractiveZombie
14:40
omg she remembers me
GodsPlanUltimately
14:40
You are all adorable. A nice break over the cycle stress.
HopefullyInLawSchool
14:40
Whenever I see USD I think its San Diego and its South Dakota ):
BelowMedians
14:40
I applied UVA ED and. It’s been 20 days and haven’t heard anything. Am I cooked?
JumpySubsequentDolphin
14:40
ANITHER YOUR MOM JOKE
JumpySubsequentDolphin
14:41
hopefully you’ve got superpowers at this point
GoodLuckEveryone
14:42
has anyone ed interviewed with ucla?
HopefullyInLawSchool
14:43
I did!
HopefullyInLawSchool
14:44
@GoodLuckEveryone They asked about why UCLA, why law, the typical stuff, I spoke about Joe alittle, nothing to crazy tho (:
GodsPlanUltimately
14:45
I know Hillsdale College has a reputation for being strange but I attended a cool religious law even there so would it be hurt me to put it in a statement given their rep? I don't want them to think I'm from the stone age :c
14:46
why is a 179 applying to davis leave me alone
HopefullyInLawSchool
14:47
@GodsPlanUltimately: I think it's fine to talk about
GodsPlanUltimately
14:48
@HopefullyInLawSchool: Okay! Thank you. :)
hopefully i see your play
very good 10/10
misoissocute
14:56
@GodsPlanUltimately: My boyfriend is a hillsdale grad; its reputaple for their education and such; its only problamtic because of its policies and its refusal to take federal money
GoodLuckEveryone
14:57
@HopefullyInLawSchool: i hope you don't mean joe the way I think you mean it haha
GodsPlanUltimately
14:58
@misoissocute Okay I can be real then (wasn't sure of the vibes of the chat) I absolutely loved the CCA event I attended there! Their education is stellar and that campus is beautiful. :D
glovediedthisishismom
14:58
do u guys think desantis will appoint gaetz to the senate
might have been a crazy small HLS II?
GoodLuckEveryone
14:59
@HopefullyInLawSchool: how do you think you did? i was nervous beyond belief but I tried to stay on my feet. i couldn't tell how I did though
misoissocute
15:00
@GodsPlanUltimately: I would love to go to a Catholic based school and if you are looking for a religious based school as well, its helpful! I actually love Hillsdale but I am from the west coast and did not even know it existed until I met my bf
Dkk
15:00
@glovediedthisishismom: hopefully!
glovediedthisishismom
15:01
hes a diddler tho
LSD+ is ad-free, with DMs, discounts, case briefs & more.