Like Kind Exchange - Law Dictionary Search Results
Home Dictionary Name: like kind exchangelike-kind exchange
like-kind exchange : an exchange of business or investment property of the same kind, class, or character and excluding securities that is made pursuant to section 1031 of the Internal Revenue Code and is thus exempt from taxation ...
kind
kind 1 : a particular type, category, or class [properties of like ] see also like-kind exchange 2 a : an unconverted form [a partition of property in ] ;broadly : a form other than money [forbid a bribe in cash or in ] see also in-kind b : the equivalent in value [repay a loan in ] ...
exchange
exchange 1 a : a giving of something of value (as real property) in return for something of equal value (as money or property of a like kind) b in the civil law of Louisiana : a giving of something of value in return for something of equal value except money compare sale 2 : an organized market or center for trading in securities or commodities ...
boot
boot [obsolete or dialect boot compensation, from Old English bōt advantage, compensation] : additional money or property received to make up the difference in an exchange of business or investment property that is of like kind but unequal in value NOTE: Under Internal Revenue Code section 1031, no tax liability results from an exchange solely of like-kind property used in a business or trade or held for investment. If the exchange includes boot, however, under section 1245 the boot will be treated as ordinary income. ...
Exchange, Deed of
Exchange, Deed of [fr. excambium, Lat.], an original Common Law conveyance, for the reciprocal transfer of interests ejusdem generis, as fee simple for fee simple, legal estate for legal estate, copyhold for copyhold of the same manor, and the like the one in consideration of the other. It takes place between two distinct contracting parties only, although several persons may compose each party. The operative and indispensable verb was 'exchange,' which no longer implies a general warranty or right of re-entry [(English) L.P. Act, 1925, s. 59, replacing Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 4]. An actual entry upon the pro-perty exchanged by the parties themselves to the deed was essential. The exchange was void if either party died before entry, for, under such cir-cumstances, the parties had no freehold in them, for the heir could not enter and take as a purchaser, because he took under the deed, only by way of limitation in course of descent, but by the L.P. Act, 1925, s....
basis
basis pl: ba·ses [-sēz] 1 : something (as a principle or reason) on which something else is established [the court could not imagine any conceivable for the statute] see also rational basis 2 : a basic principle or method ;esp : the principle or method by which taxable income is calculated NOTE: The Internal Revenue Code has set some limits on which method a taxpayer may use for figuring taxable income. For example, a corporation with gross receipts under $5,000,000 may be a cash-basis taxpayer. ac·cru·al basis : a method of accounting in which income and expenses are recorded in the period when they are earned or incurred regardless of when the payment is received or made called also accrual method cash basis : a method of accounting in which income and expenses are recorded in the period when payment is received or made called also cash method 3 : the value (as cost or fair market value) of an asset used in calculating capital gains or losses for inc...
Music and dancing licences
Music and dancing licences.--The grant of these in London and Westminster and within twenty miles thereof, including the administrative county of (English) Middlesex (Music and Dancing Licences (Middlesex) Act, 1894), is regulated by the (Eng-lish) Public Entertainment Act, 1751 (25 Geo. 2, c. 36), which enacted that any house kept for public dancing, music, or other public entertainment of the like kind, without a licence from justices, is to be deemed a disorderly house; see (English) Home Counties (Music and Dancing) Licensing Act, 1926 (16 & 17Geo. 5, c. 31); and by s. 3 of the Local Government Act, 1888, which transferred the licensing powers from justices to the London County Council. For Sunday entertainments, see (English) Sunday Entertainments Act, 1932 (22 & 23 Geo. 5, c. 51).Various local Act in large towns (see Geary on the Law of Public Entertainments) regulate music-halls, etc., somewhat similarly; and the (English) Local Government Act, 1888, substitutes the county counc...
Bill of Exchange
Bill of Exchange. Defined in the (English) Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61), s. 3, as an 'unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer.'It is a chose in action, but, for the encouragement of commerce, it is assignable, at Common Law, by mere endorsement, so that very many names are frequently attached to one bill as endorsers, and each of them is liable to be sued upon the bill, if it be not paid in due time. the person who makes or draws the bill is called the drawer, he to whom it is addressed is, before acceptance, the drawee, and after accepting it, the acceptor; the person in whose favour it is drawn is the payee; if he endorse the bill to another, he is called the endorser, and the person to whom it is thus assigned or negotiated ...
Exchange
Exchange, a contract of sale denotes a transfer of property in goods by mutual consent. Such a transfer of ownership must be in relation to transfer from one person to another. The consideration would be a price in the form of money. Only when the consideration for transfer consists of other goods it may be an exchange or barter, Dhampur Sugar Mills Ltd. v. Commissioner of Trade Tax, (2006) 5 SCC 624: (2006) 11 JT 111: (2006) 5 SCALE 595: (2006) 5 Supreme 73: (2006) 4 SLT 189: (2006) 7 SCJ 60: (2006) 6 SCJD 106: (2006) 147 STC 57.Exchange, often contracted into change, a building or other place in considerable trading cities, where merchants, agents, bankers, brokers, and other persons concerned in commerce, meet at certain times to confer and treat together of matters relating to exchanges, remittances, payments, adventures, assurances, freights, and other mercantile negotiations, both by sea and land.Also used to designate that species of mercantile transactions by which the debts of...
Knew to be likely to be committed
Knew to be likely to be committed, the expression 'knew to be likely to be committed' imports at least an expectation founded upon facts known to the members of the assembly that an offence of a particular kind committed, would be committed. It means something more than a speculation that such an offence might happen to be committed, Dalel Ram Sarup v. Emperor, AIR 1946 Lah 222....
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