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LSDefine

Simple English definitions for legal terms

nonrecognition provision

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A quick definition of nonrecognition provision:

A nonrecognition provision is a rule that says you don't have to pay taxes on some of the money you make. It's like a special exception. But you might still have to pay taxes on that money later. Recognition is when someone says that something is true or real. It can be used in different ways, like when a leader says someone can talk or when a country says another country exists. In taxes, recognition means accounting for the money you made so you can pay taxes on it.

A more thorough explanation:

A nonrecognition provision is a rule in tax law that allows a taxpayer to postpone the recognition of a gain or loss for tax purposes. This means that the taxpayer does not have to pay taxes on the gain or loss until a later time.

For example, if a taxpayer sells a piece of property for a profit, they may be able to use a nonrecognition provision to defer paying taxes on that profit until a later date. This can be helpful for taxpayers who want to reinvest the money from the sale into another property or investment.

Nonrecognition provisions are just one way that tax law can be used to help taxpayers manage their finances. By understanding these provisions, taxpayers can make informed decisions about when and how to sell their assets.

nonrecognition | nonrecourse loan

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triplethread
10:08
my nips are pierced
snow
10:08
thread we hoping kent today lmaooo
triplethread
10:08
YESSS
babycat
10:08
I have a conch that took forever to heal until i switched it to a hoop
snow
10:08
like a sea shell?
triplethread
10:08
Lips scare me more than nips
babycat
10:08
There’s a part of your ear called the conch, bc it’s shaped like that
triple yeah same but it fr didn't hurt at at all it was kinda underwhelming lol
Dkk
10:09
@jackfrost11770: I am gunna make a wild prediction that ekko shows up and uses his chrono shift power to reverse time. Btw, you probably don't know this but Vi - 6, Vander - 5, Jinx - 10, Ekko - 12. Silco -2.
but it's def the visual of having a needle go through your lip that is the scariest part but it was completely fine
BulbasaurNoLikeCardio
10:09
I had a friend who had like 6 piercings in each ear, I was like that has to be loud
no dkk i think the same!!!!
BulbasaurNoLikeCardio
10:09
They would click clack
babycat
10:09
I almost did nipple piercing on a dare once but I would be sad if my nipples looked different
triplethread
10:09
I didnt bleed when i got mine done and they never hurt. I think my body is just really built for piercings because i've never had any rejections its that african tribal blood
Dkk
10:09
@triplethread: did you soak em in like salt water for a year.
triplethread
10:10
nope
BulbasaurNoLikeCardio
10:10
@babycat: they are too cute for piercings? My wife plans to get them done after breast feeding and Id do it to see how it feels and laugh
bulb i have like 6 piercings in each ear but they're all apart from each other so they do not clack lol
triplethread
10:10
@babycat: I only have 1 pierced for that reason
Dkk
10:10
Lmfao, that is risky I hear. @triple
shaquilleoatmeal
10:10
Happy Friday hoes
i got my navel done recently and that shit was annoying for like two weeks but now it's completely fine
babycat
10:11
also my boobs are too big to go without a bra on the regular so people would never know that I have them
triplethread
10:11
I had a saline spray that i used for a couple months but shes all good and guys love it so win win
JumpySubsequentDolphin
10:11
@BulbasaurNoLikeCardio: I’ve only gotten my nose pierced as a baby before I got my nose piercing and it was a very mild experience
i was worried it was gonna catch on things and shit but actually w the way the anatomy works it's totally fine
10:11
@jackfrost11770: Heard you were Russian, DM me
JumpySubsequentDolphin
10:11
like it wasn’t painful or anything and I have no experience w piercings
BulbasaurNoLikeCardio
10:11
@jackfrost11770: depending the piercing she had and the activity they would clack. Like she had ones that would be like chains too
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