INFORMATION / INFORMATIONAL RETURN Definition

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INFORMATION / INFORMATIONAL RETURN is one of many returns that only communicates to the Internal Revenue Service information relevant to tax liability and does not compute the actual liability of any taxpayer or accompany the actual payment of tax; used for sale of property, dividends, and others (e.g., W-2 and Forms 1099).

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OBLIGATE is to cause to be indebted or grateful. To de-obligate would be to enable the debt to be forgiven or expunged.

NONCURRENT LIABILITIES are liabilities that represent money the entity owes one year or more in the future. There are many line items in this category, the most important one being long-term debt.

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