Accumulation - Law Dictionary Search Results
Home Dictionary Name: accumulationAccumulation
Accumulation, a gathering together, heaping up, or amassing. The dominion over property, and its rents, issues, and profits, is restrained by our law as regards perpetuity and accumulation. See PERPETUITY.The prospective accumulation of income of real or personal estate is restrained by the (English) Law of Property Act, 1925, s. 164, replacing with amendments the (English) Accumulations Act, 1800 (39 & 40 Geo. 3, c. 98); commonly called 'The (English) Thellusson Act,' because the case of Thellusson v. Woodford, 4 Ves 227-343, 1798; and 11 Ves 112-151, 1805 was the occasion of its enactment. The (English) Act of 1925 declares that no person shall by any instrument or otherwise settle or dispose of any property, in such manner that the income thereof shall be accumulated for any longer term than--(1) The life of the grantor or settlor;(2) 21 years from the death of the grantor or settlor, or testator;(3) During the minority of any person who shall be living on en ventre sa mere at the t...
accumulation
accumulation : increase or growth by addition esp. when continuous or repeated ;specif : an increase in the amount of a fund or property by the continuous addition to it of the income or interest it generates [to treat a stock dividend as principal when local law classifies it as income may be deemed an "W. M. McGovern, Jr. et al."] see also accumulation trust at trust NOTE: Because they prevent the enjoyment and benefit of wealth, accumulations are deemed contrary to public policy. A provision in a will for an accumulation will be invalidated if found to be unreasonable by the court. ...
accumulated earnings tax
accumulated earnings tax : a tax levied on the taxable income of a corporation that is accumulated by the corporation rather than distributed to shareholders and that is not retained for the reasonable needs of the business ...
accumulate
accumulate -lat·ed -lat·ing vt : to gather esp. little by little ;specif : to add (income from a fund) back into the principal vi : to increase gradually in amount or number ...
accumulation trust
accumulation trust see trust ...
Accumulated legacy
Accumulated legacy, a legacy that has not yet been paid to a legatee, Black Law Dictionary, 7th Edn., p. 901....
Accumulated loss
Accumulated loss, means so much of the loss of the amalgamating banking company under the head 'profits and gains of business or profession' (not being a loss sustained in a speculation business) which such amalgamating banking company, would have been entitled to carry forward and set off under the provisions of section 72 if the amalgamation had not taken place. [Income Tax Act, 1961 (43 of 1961), s. 72AA, Exp.]Means so much of the loss of the amalgamating banking company under the head 'Profits and gains of business or profession' is not being a loss sustained in a speculation business which such amalgamating bank company, would have been entitled to carry forward and set-off under the provisions of section 72 if the amalgamation had not taken place, [Income Tax Act, 1961, s. 72AA Explanation]...
Accumulated profits
Accumulated profits, Profit that has accrued but not yet been distributed; earned surplus - also termed undivided profits, See C.I.T. v. Urmila Ramesh, (1997) 4 SCC 93: AIR 1997 SC 1841....
Accumulative judgment, Sentence
Accumulative judgment, Sentence. If a person already under sentence for a crime be convicted of another offence, the court is empowered to pass a second sentence, to commence after the expiration of the first....
Accumulative legacy
Accumulative legacy, means a legacy given to a legatee but by a different will, Black Law Dictionary, 7th Edn., p. 902....
- << Prev.
- Next >>
Sign-up to get more results
Unlock complete result pages and premium legal research features.
Start Free Trial