CURRENT COST Definition

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CURRENT COST is the cost which would be incurred for replacement of an asset.

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UNLIMITED LIABILITY is full liability for the debt and other obligations of a legal entity. The general partners of a partnership have unlimited liability.

ALTERNATIVE MINIMUM TAX (AMT) is an alternative tax which includes certain tax preference items that are added back into adjusted gross income. If higher than the regular tax, then the regular tax plus the amount by which AMT exceeds the regular tax is paid.

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