TAX ACCOUNTING is the planning of business strategies based on tax consequences and avoidance.
LESSEE is the party to whom the possession of specified property has been conveyed for a period of time in return for rental payments.
WRAP ACCOUNT at its most basic is an alternative form of commission arrangement between a securities firm and its client. Wrap accounts generally charge the client an annual fee based on assets in the account in lieu of a per transaction commission structure. In other words, the firm "wraps" together all the costs and charges them off as a "management fee". Firms often add further features to wrap accounts such as investment management, custodial services, and enhanced reporting.
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