COLLECTIBLE Definition

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COLLECTIBLE is an amount subject to or requiring payment especially as specified, e.g. a collectible bill.

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INHERITANCE TAX is a tax charged on the passing of wealth from one person to another, either during life or at death.

RECONCILE / RECONCILIATION is the adjusting of the difference between two items (e.g., balances, amounts, statements, or accounts) so that the figures are in agreement. Often the reasons for the differences must be explained. One example would be reconciling a checking account (bringing the checking ledger and bank balance statement into agreement).

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