SPLIT-OFF POINT Definition

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SPLIT-OFF POINT is the stage in the production process at which joint products become identified as distinct products which can be sold or processed further; this is called the split-off point.

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REDEEMABLE means cashable, i.e. able to be converted into ready money or its equivalent, e.g. redeemable stocks and bonds or a cashable check.

IRC is Internal Revenue Code of 1986 (formerly 1954).

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