5-Income Tax Aspects of Ownership-Arizona Finance and Taxation Practices
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TAX ASPECTS OF OWNERSHIP Taxes on ordinary income The income of most property owners consists of wages, salaries, commissions, and interest. Such income is taxed at federal, state, and, sometimes, local levels as ordinary income. Certain credits, exemptions, and deductions are allowed to offset the income subject to taxation. The 2017 tax reform law, […]