SUNDRY ACCOUNT Definition

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SUNDRY ACCOUNT is an account where miscellaneous items are recorded, e.g. infrequent transactions involving customers or suppliers that are not tracked in the normal course of business.

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GUARANTOR, in finance, is a person that promises to pay back a loan if the original borrower does not make payment.

PASSIVE ACTIVITY is defined in the US Tax Code as one or more trades, business or rental activity that the taxpayer does not materially participate in managing or running. All income and losses from passive activities are grouped together on an income tax return and, generally, loss deductions are limited or suspended until the passive activity that generated them is disposed of in its entirety.

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