recognition

Definition

A tax term meaning that a transaction is a taxable event.

Use recognition in a sentence

The company's recognition of revenue on the recent quarter end order necessitated a significant tax liability at year end to the government.

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The high school basketball continued the progress of gaining public recognition last night when they beat the former state champions in a blowout.

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When we sold shares in our company, the IRS reviewed the transaction and decided that it was subject to recognition and that we owed taxes on the funds.

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