Alternative Mortgage Instruments Research Study, Հատորներ 1-2Federal Home Loan Bank Board, 1977 |
Common terms and phrases
accrual Alfred Field Alternative Mortgage Instruments AMIS amount analysis assets average balance basis points borrower buyers choice computed constraints contract conventional mortgage costs Craig Swan debit rate default deferred interest effect equity expected Federal Home Loan foreclosure gage Graduated Payment Mortgage groups higher Home Loan Bank homeowner groups homeowners homeownership households income initial payment interest rate lenders lending institution less level payment Loan Bank Board loan-to-value ratio ment monthly payments mort mortgage insurance mortgage loan mortgage payments mortgage rate mortgage VRM negative amortization original outstanding owners payment increases payment-to-income ratio period PLAM potential prefer prepayment penalty principal private mortgage insurance purchase rate changes rate of inflation refinancing renters respondents result risk rollover mortgage S&Ls sample Scenario secondary market SFPM simulation standard mortgage Table tion type of mortgage variable rate mortgage yield YIELDS TO MATURITY
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Էջ 43 - The amount of all items of gross income shall be included in the gross income for the taxable year in which received by the taxpayer, unless, under methods of accounting permitted under section 41, any such amounts are to be properly accounted for as of a different period.
Էջ 44 - The amount of any item of gross income shall be included in the gross income for the taxable year in which received by the taxpayer, unless, under the method of accounting used in computing taxable income, such amount is to be properly accounted for as of a different period.
Էջ 43 - If no method of accounting has been regularly used by the taxpayer, or if the method used does not clearly reflect income, the computation of taxable income shall be made under such method as, in the opinion of the...
Էջ 44 - Under an accrual method of accounting, income is includible in gross income when all the events have occurred which fix the right to receive such income and the amount thereof can be determined with reasonable accuracy.
Էջ 43 - Under an accrual method of accounting, an expense is deductible for the taxable year in which all the events have occurred which determine the fact of the liability and the amount thereof can be determined with reasonable accuracy.
Էջ 43 - The amount of any deduction or credit allowed by this subtitle shall be taken for the taxable year which Is the proper taxable year under the method of accounting used In computing taxable Income.
Էջ 68 - Where payments of principal and interest are equal, a large amount of interest allocated to the payments made in early years of a loan will generally not be considered prepaid interest. However, if the loan calls for a variable interest rate, the IRS may treat interest payments as consisting partly of interest, computed under an average level effective rate, and partly of prepaid interest allocable to later years of the loan. An interest rate which varies with the "prime rate" does not necessarily...
Էջ 43 - Generally, under the cash receipts and disbursements method in the computation of taxable income, all items which constitute gross income (whether in the form of cash, property, or services) are to be included for the taxable year in which actually or constructively received.
Էջ 42 - Advice has been requested concerning the proper method of accounting, within the meaning of section 446 of the Internal Revenue Code of 1954, for reporting interest income by the mortgagee and...
Էջ 44 - With respect to the accrual basis taxpayer, all the events that fix the right to receive income occur when (1) the required performance occurs, (2) payment therefor is due, or, (3) payment therefor is made, whichever happens earliest. In applying this rule to the accrual of interest income, performance occurs when the lender allows the borrower to use the lender's money.