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LSDefine

Simple English definitions for legal terms

gains

Read a random definition: injurious exposure

A quick definition of gains:

Definition: Gains are the extra money you make when you sell something for more than you paid for it. For example, if you buy a toy for $5 and sell it for $10, you made a gain of $5. Different things you sell can have different gains or losses, and you might have to pay taxes on your gains. When you sell something that you've owned for a long time, like a house or a piece of land, you might have to pay a different kind of tax called a "section 1231 gain." If you sell something that you bought as an investment, like a stock or a piece of art, you might have to pay a different kind of tax called a "capital gain."

A more thorough explanation:

Gains refer to the profit or increase in value that an investment or asset generates beyond its basic expenses. When an asset is sold, the difference between the selling price and the purchase price is considered a gain or loss. The tax rate for gains or losses varies depending on the type of asset and the duration of ownership.

  • If you buy a stock for $100 and sell it for $150, the gain is $50.
  • If you purchase a rental property for $200,000 and sell it for $250,000 after holding it for more than a year, the gain is considered a "section 1231 gain" and is subject to a different tax rate.
  • If you sell a piece of artwork for $10,000 that you bought for $8,000, the gain is $2,000.

These examples illustrate how gains are calculated by subtracting the purchase price from the selling price. The tax rate for each gain will depend on the type of asset and how long it was held before being sold.

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babycat
11:12
imagine being a religious school and not supporting mothers. practice what you preach!
11:12
Fuck dem hoes
11:13
Child bearing people*
11:13
i cant spell fuck dont correct me
11:15
Anywayyyyy, i think today i will withdraw all my apps
11:15
This lsat is not doing it
babycat
11:15
lol live ur truth
11:15
ASU at 154 is damn good
11:15
154 scholly
BulbasaurNoLikeCardio
11:15
It is shitty that was a pattern of behavior but I am glad someone is finally standing up for themselves. Like I can be a pretty rigid butthole guy when it comes to getting stuff but a complete lack of empathy or situational awareness shown by the school and their staff is mind blowing. When I was talking about it in the office they all thought I was lying cause it sounds so crazy.
Dkk
11:16
@babycat: ahh link me something. Idk what you are talking about with GTown and mothers and all that.
11:16
Idk if any of you watch UFC but one time interim heavyweight champ Tom Aspinall won a fight and said on the mic afterwards “if you feel scared to do something, that’s a pretty good sign you should just go fucking do it” and I believe that applies very much to people wondering if they should R&R. Sure you can but why not just see what happens now?
babycat
11:16
School fucked up so bad they got hellwoods to sign a petition
11:16
Ive also heard their career center is awful too, I think its why it will never be anything but 14-15
JumpySubsequentDolphin
11:17
@Dkk: i think a law student was pregnant and due to give birth a few days before finals and they refused to accomodate her
JumpySubsequentDolphin
11:17
accommodate*
11:17
@Mostlylegal: yeah and i was thinking fuck it just go party for three years but i got other options and need to start building, top law schools were worth that 3 year pause but i am not sure i can do that for asu and their outcomes
11:19
Also I just got diagnosed with ADHD is it stupid if I dont take the test again now that Im medicated?
Dkk
11:19
She offered to take it early? Should have given her that one. Remote I can understand saying no to but taking it early, yes.
babycat
11:20
big things coming for babycat. I own a resistance band now
concorde
11:20
@renard99: jones needs to take this advice and fight aspinall
11:21
is that what they are calling punk rock bands these days?
BulbasaurNoLikeCardio
11:21
@babycat: did you get a booboo or just trying to do more workouts at home?
11:21
@Mostlylegal: I jumped six points after beginning adhd meds. Might be worth it
Dkk
11:22
Just an hour and 38 minutes left before I can ask Kayle in LSAT Demon to marry me. I take these AMA's seriously.
11:22
@concorde: “I will retire Jon Jones without even fighting him” hardest thing anyone in the UFC ever said
m10
11:23
i spelled her fucking name wrong lmfao, Kaley. Lmfao.
BulbasaurNoLikeCardio
11:24
It was years ago but it was a lower card fight, dude didn't speak good english and they tried asking him his plan, he was like "punch him" they tried to get more info pushing it again and he said "punch him hard" and pointed at his forehead.... I don't remember the results of the fight but dude had a solid plan.
babycat
11:24
@BulbasaurNoLikeCardio: no booboo I’m just trying to increase flexibility a little. I feel like if u develop too much muscle on ur legs and don’t stretch they get tight
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