Big-ticket items refer to retail products that carry a substantial size and price, often requiring customers to purchase them on credit. These items typically include large appliances and automobiles.
Like-kind property refers to properties that are of the same nature or character but may differ in grade or quality. In terms of taxation, like-kind properties can be exchanged without triggering immediate tax liabilities, typically under IRS Section 1031.
In taxation, listed property refers to assets such as automobiles, computers, and cellular phones that are subject to a 50% business use test. Depreciation methods for these assets vary based on their usage for business purposes.
