QUASI-BUSINESS EXPENSES Definition

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QUASI-BUSINESS EXPENSES are those tax deductible expenses that could qualify as a personal or business expense dependent upon the situation, e.g. lavish automobiles, country club dues or dubious travel expenses.

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EDGAR is Electronic Data Gathering, Analysis, and Retrieval. EDGAR is an electronic system developed by the Securities and Exchange Commission (SEC). EDGAR permits companies to electronically file documents required for securities offerings and ongoing disclosure obligations with the SEC. EDGAR became fully operational mid-1995.

OPEN MARKET VALUE (OMV) is an opinion of the best price at which the sale of an interest in an asset would have been completed unconditionally for cash consideration on the date of valuation, assuming:
a. a willing seller;
b. that, prior to the date of valuation, there had been a reasonable period (having regard to the nature of the asset and state of the market) for the proper marketing of the interest, for the agreement of price and terms and for the completion of the sale;
c. that the state of the market, level of values and other circumstances were, on any earlier assumed date of exchange of contracts, the same as on the date of valuation;
d. that no account is taken of any additional bid by a purchaser with a special interest; and
e. that both parties to the transaction had acted knowledgeably, prudently and without compulsion.

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