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Proposition 60 allows homeowners over the age of 55 to transfer the assessed value of their present home to a replacement home if the replacement home is located in the same county, is of equal or lesser value, and purchased within two years of sale.
For a price index, its value in the base year is usually normalized to a value of 100. The purchasing power of a unit of currency, say a dollar, in a given year, expressed in dollars of the base year, is 100/P, where P is the price index in that year. So, by definition, the purchasing power of a dollar decreases as the price level rises.
If for years 1 and 2 (possibly a span of 20 years apart), the nominal wage and price level P of goods are respectively nominal wage rate: $10 in year 1 and $16 in year 2 price level: 1.00 in year 1 and 1.333 in year 2, then real wages using year 1 as the base year are respectively: $10 (= $10/1.00) in year 1 and $12 (= $16/1.333) in year 2.
A base period price is the average price for an item in a specified time period used as a base for an index, such as 1910–14, 1957–59, 1967, 1977, or 1982. Time series of data are often deflated to a base period price. Such deflated time series are referred to as constant dollar values (versus nominal dollar values).
Chained Dollars: weighted by a basket/list that changes yearly to more accurately reflect actual spending. The basket is an average of the basket for successive pairs of years; example of paired years are 2010–2011, 2011–2012, etc. The technique is so named because the second number in a pair of successive years becomes the first in the ...
It probably is possible for most people to retire at age 55 if they have $2.5 million in savings. The ultimate answer, though, will depend on the interplay between various factors.
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(b) Daughter sells the lamp for $8. For the purpose of determining loss, Daughter uses the fair market value of the property at the time of the gift ($10). Thus, she realizes a $2 loss in the sale to John. (c) Daughter sells the lamp for $15. For the purpose of determining gain, she uses Mother's basis of $20. Thus, there is no gain.