CONVERTIBLE CURRENCY Definition

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CONVERTIBLE CURRENCY is any national currency that can be easily exchanged for that of another country.

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SPIN-OFF RULING is a legally binding ruling by the Internal Revenue Service as to any aspect of a spin-off by a corporation. See also SPIN-OFF.

CAPITALIZED is when something is recorded as an asset. For example, a capitalized lease is in substance a purchase to the lessee. An asset is recorded equal to the present value of the lease payments, which is also recorded as a liability. Payments, partly interest and partly principal, are made on the lease liability. The leased asset is depreciated by the lessee as though it were legally owned by the lessee.

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