Going long on one futures market in a given delivery month and simultaneously going short on the same commodity and delivery month but a different futures market but with similar underlying asset. Examples of intercommodity spreads include the crack spread (crude oil vs. unleaded gasoline) and the crush spread (soybean oil vs. soybean meal).
A term used to describe shares that trade for prices less than one dollar. The fractional prices are comparable to the diameter measures of drill-bits found in a hardware store. Taobiz explains Drill-Bit Stock Drill bit sizes are described by fractions of an inch whereas drill bit stocks would be reported as fractions of a dollar. Due to the decimalization of stock prices by major stock exchanges, drill-bit stock prices are no longer seen.
A document published by the Internal Revenue Service (IRS) providing information about the tax credit available to the elderly or the disabled. Qualifying individuals are U.S. citizens or resident aliens over the age of 65 or retired on permanent and total disability. Nonresident aliens may be eligible for the credit if they are married to a citizen or resident alien. Married couples typically have to file a joint tax return in order to qualify. Depending on a taxpayer's filing status, the amount of adjusted gross income (AGI) or nontaxable Social Security and pension can prevent the credit from being given. An AGI or nontaxable pension or Social Security income of above specified income limits disqualifies a taxpayer.
A derivative used to transfer inflation risk from one party to another through an exchange of cash flows. In an inflation swap, one party pays a fixed rate on a notional principal amount, while the other party pays a floating rate linked to an inflation index, such as the Consumer Price Index (CPI). The party paying the floating rate pays the inflation adjusted rate multiplied by he notional principal amount. For example, one party may pay a fixed rate of 3% on a two year inflation swap, and in return receive the actual inflation. Investors use inflation swaps to hedge inflation risk. A more complicated example of an inflation swap would be an investor purchasing commercial paper. At the same time, the investor enters into an inflation swap contract, in which he receives a fixed rate and pays a floating rate linked to inflation. By entering into an inflation swap, the investor effectively turns the inflation component of the commercial paper from floating to fixed. The commercial paper gives the investor real LIBOR plus credit spread plus a floating inflation rate, which the investor exchanges for a fixed rate with a counterparty.
A right that enables a majority shareholder to force a minority shareholder to join in the sale of a company. The majority owner doing the dragging must give the minority shareholder the same price, terms, and conditions as any other seller. Taobiz explains Drag-Along Rights This is designed to protect the majority shareholder. Because some buyers are only looking to have complete control of a company, drag-along rights help to eliminate minority owners and sell 100% of a company's securities to the buyer.
A document published by the Internal Revenue Service (IRS) that details the rules covering how gains from an installment sale are to be reported. Taxpayers who sell property using the installment method receive at least one payment in a later tax period, and may report part of the gain from the sale when the payment is received. When reporting gains using Form 6252 (Installment Sale Income), the taxpayer indicates the income from the gain on the sale as well as any interest received during the year in which payment is given. Property can include real estate but does not include inventory; people who regularly sell personal property ("dealers") are not permitted to use the installment method. Taxpayers do not have to use the installment method when selling property, and can choose to report all of the gain in the year of the actual sale. The installment method cannot be used if a loss was taken on the sale. If a loss was taken on an installment sale it can only be deducted in the year that the property was sold.
A transaction on an exchange that occurs at a price below the previous transaction. In order for a downtick to occur, a transaction price must be followed by a decreased transaction price. This is commonly used in reference to stocks, but it can also be extended to commodities and other forms of securities. Taobiz explains Downtick For example, suppose stock ABC previously traded at $10. If its next trade occurs at a price below $10, then ABC will be on a downtick.
A document published by the Internal Revenue Service (IRS) that provides information on which documents to keep on file and for how long, for tax filing purposes. The IRS suggests keeping accurate records in order to identify sources of income, keep track of expenses and to be able to back up information provided in the tax return. IRS Publication 552 does not indicate the method of record keeping. Keeping accurate records and having those records readily accessible makes tax filing easier, and is essential for setting the appropriate cost basis for the sale of investments and property. IRS Publication 552 outlines the type of records that individual taxpayers should keep, not businesses. Refer to Publication 583 for business record keeping.
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