Unadjusted Basis
Your unadjusted basis is your depreciable basis without reduction for depreciation previously claimed.
Underpayment Penalty
If you did not pay enough tax during the year either through withholding or by making estimated tax payments, you may have to pay a penalty. In certain situations, you will not have to pay the penalty, such as if you had no tax liability in the prior year or if your current year tax minus withholding is $1,000 or less.
Unearned Income
Unearned income includes investment-type income such as interest, dividends, and capital gains. It also includes unemployment compensation, alimony, taxable Social Security benefits, pensions, annuities, royalties, and distributions of unearned income from a trust.
Unlike Properties
Unlike properties are properties of a different nature or character. For example, personal property and real property are unlike.
Useful Life
An estimate of how long an item of property can be expected to produce income or be usable in trade or business. To be depreciable your property must have a determinable useful life. This means it must be something that wears out, decays, gets used up, becomes obsolete, or loses its value from natural causes.