Death Tax - Law Dictionary Search Results
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Tax [fr. tasg, Wel.; taxe, Fr. and Dut.], an impost; a tribute imposed on the subject; an excise; tallage.A monetary charge imposed by government on persons, entities or properly to yield public revenue, Black's Law Dictionary, 7th Edn., p. 1469.Some general principles of taxation have been said to be:-(1) The subjects of every State ought to contribute to the support of the Government as nearly as possible in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the State. In the observation or neglect of this maxim consists what is called the equality or inequality of taxation.(2) The tax which each individual is bound to pay ought to be certain and not arbitrary. The time of payment, the manner of payment, the quality to be paid, ought all to be clear and plain to the contributor, and to every other person.(3) Every tax ought to be levied at the time, or in the manner, in which it is most likely to be co...
Uses
Uses (History). A use is the intention or purpose, express or implied, upon which property is to be held. The Common Law treated the actual possessor for all purposes as the owner of the property. It was not difficult to find him out, since the possession of his estate was conferred upon him by a formal and notorious ceremony, technically called livery of seisin, which was performed openly and in the presence of the people of the locality.It soon became evident that the simple rules of the Common Law were stumbling-blocks to the complicated wants of an enterprising people.Hence ingenuity was sharpened to hit upon a device which should set at nought the rigidity of existing law and formalities.A system was found by the monastic jurists upon a model furnished by the Civil Law, which, by a nice adaptation, evaded, without overturning, the Common Law. Two methods of transferring realty began to co-exist in this country-the ancient Common Law system, and the later invention, which is denomi...
Letters-patent, or letters overt
Letters-patent, or letters overt [fr. liter' patentes, Lat.], writings of the sovereign, sealed with the Great Seal of England, whereby a person or public company is enabled to do acts or enjoy privileges which he or it could not do or enjoy without such authority. They are so called because they are open with the seal affixed and ready to be shown for confirmation of the authority thereby given. Peers are sometimes created by letters-patent, and letters-patent of precedence were granted to barristers. By letters-patent aliens are made denizens, and especially new inventions are protected; hence the incorporeal chattel of patent-right.A 'patent-right' is a privilege granted by the Crown to the first inventor of any new contrivance in manufactures, that he alone shall be entitled, during a limited period, to make Articles according to his own invention--Statute of Monopolies, 21 Jac. 1, c. 3.To be the subject of a patent-right an article must be material and capable of manufacture, an i...
Annuity
Annuity, in order to constitute an annuity, the payment to be made periodically should be a fixed or predetermined one, and it should not be liable to any variation depending upon or on any ground relating to the general income of the fund or estate which is charged for such payment, CWT v. P. K. Banerjee, (1981) 1 SCC 63 (75): AIR 1981 SC 401. [Wealth-Tax Act, 1957, s. 2(e)(1)(iv)]It is a right to receive a specified sum and not an aliquot share in the income arising from any fund or property. Ordinarily an annuity is a money payment of a fixed sum annually made and is a charge personally on the grantor, CWT v. Arundhati Balkrishna, (1970) 1 SCC 561 (565): AIR 1971 SC 915. [Wealth Tax Act, 1957, s. 2(e)(iv)]An annuity is a fixed sum payable annually either in perpetuity or for any less period. When charged upon land either freehold or leasehold both, exclusively of purely personal estate, it is strictly a rent charge; see (English) Real Property Limitation Act, 1833 (3 & 4 Will. 4, c....
gift tax
gift tax : an excise tax imposed on a donor for gifts of property made during the donor's lifetime see also annual exclusion, gift split gift at gift, unified transfer tax compare death tax, estate tax, generation-skipping transfer tax ...
Settled land
Settled land. For the purposes of the (English) Settled Land Acts, 1882-1890, 'settled land' meant land, and any estate and interest therein, which was the subject of a settlement; and 'settlement' meant any instrument, or any number of instruments, under which any land, or any estate or interest in land, 'stands for the time being limited to or in trust for any persons by way of succession' (Settled Land Act, 1882, s. 2) (see infra for the statutory definitions in the Settled Land Act, 1925, which has repealed the S.L. Acts, 1882-1890). Where the settlement consists of more instruments than one it is commonly called a 'compound settlement,' though this term is not defined in the Acts themselves; as to compound settlements, see Re Du Cane & Nettlefold, (1898) 2 Ch 96; Re Munday & Roper, (1899) 1Ch 275; Re Lord Wimborne & Browne (1904) 1 Ch 537; Wolstenholme & Cherry, Conveyancing, etc., Acts.Prior to 1856 settled estates could not be sold or leased except under the authority of some po...
Fines in copyholds
Fines in copyholds. A fine which is preserved by 12 Car. 2, c. 24, s. 6, is a sum of money payable by custom to the lord. There are three classes of fines:- (1) those due on the change of the lord; (2) those on the change of the tenant; and (3) those for a licence to the tenant to do certain acts.When the fine is due on the change of the lord, such change must be by the act of God, and not in consequence of any act of the party. It can therefore be only claimed on the death of the lord.When it is due on the change of the tenant, it matters not whether that change is effected by the act of God, or by the tenant's own act. Whenever the tenancy is changed, a fine is payable.Those fines which are due to licenses by the lord, to empower the tenant to do certain acts, as to demise, etc., are rare. There must be a special custom to support such fine, for, by general custom, fines are due only on admissions.The admission fine is prima facie uncertain and arbitrary, or rather arbitrable, unless...
Maiden
Maiden, A young unmarried woman. 2. (Scots Law) An instrument used to behead criminals. It was the proto type of the guillotine. Hence, 'to kiss the maiden was to be put to death.' H. Percy Smith, Glossary of Terms and Phrases 307 (1883), Black's Law Dictionary, 7th Edn., p. 963.It is an instrument formerly used in Scotland for beheading criminals. It consisted of a broad piece of iron about a foot square, very sharp in the lower part, and loaded above with lead. At the time of execution it was pulled up to the top of a frame about eight feet high, with a grove on each side for it to slide in. the prisoner'' neck being fastened to a bar underneath, and the sign being given, the maiden was let and the sign being given, the maiden was let loose, and the head served from the body. The prototype of the guillotine....
Succeeded by another person
Succeeded by another person, the expression 'succeeded by another person' in s. 26(2) and s. 25(4) of the Income Tax Act, 1922 includes not only cases of succession inter vivos but also cases of succession on death, Executors of the Estate of Lt. Commr. J.K. Dubash v. Commissioner of Income Tax, AIR 1951 SC 111: (1950) SCR 969....
Possibility
Possibility, expectation, an uncertain thing which may or may not happen.It is either near, or ordinary, as where an estate is limited to one after the death of another; or remote, or extraordinary, as where it is limited to a man, provided he marries a certain woman, and that she shall die and he shall marry another. See next title.A possibility coupled with an interest in any tene-ments or hereditaments, of any tenure, whether the object of the gift or limitation of such possibility be or be not ascertained, may be disposed of by deed. [(English) Real Property Act, 1845, s. 6, reproduced by the (English) Law of Property Act, 1925, s. 4(2)]...
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