Tax Benefit Rule - Law Dictionary Search Results
tax benefit rule
Matched in: Term tax benefit rule
Consideration
Consideration. Any act of the promisee (the person claiming the benefit of an obligation) from which the promisor (the person burdened with the obligation) or a stranger derives a … applied his mind to the particular subject-matter or the particular source of income with a view to its taxability or to its non-taxability and not to any incidental connection', C.I.T v. Gurjargravures (P.) Ltd., AIR 1978 SC … Contracts, 71. (d) Considerations moving from third persons. It is a general rule that in cases of simple contract, if one party make a promise
Gratuity
Gratuity, it is a kind of retirement benefit like the provident fund or pension. At one time it was treated … paid to workmen is intended to help them after retirement, whether the retirement is the result of the rules superannuation or of physical disability, Indian Hume Pipe Co. Ltd. v. Workmen, AIR 1960 SC 251: (1960) 2
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Merger
1 Ch 652. As to the merger of charges on property, the general rule is that if the benefit of the charge and the property subject to it vest in the same person, equity will treat the … without an intervening estate in another person--thus accelerating into possession the expectant which swallows up the particular estate. It is the drowning of one estate in another, and differs from suspension, which is but a partial extinguishment
Cy-pres
if it can in any other way be obtained. Where there are no objects remaining to take the benefit of a charitable corporation, the court will dispose of its revenues by a new scheme upon the principles … Cy-pres (near to it). The principle of this doctrine of construction is, that where a testator hs two objects,one primary or general … Thus, where a testator has devised lands in a manner transgressing the rules of perpetuity and the Court can by giving the estates tail to
Legal right
and administrative agencies; in its wider sense, a legal right has to be understood as any advantage or benefit conferred upon a person by a rule of law; there are legal rights which are not enforceable, though … in the Courts, Daniel Hailey Walcott v. State, AIR 1968 Mad 349 (355). (Penal Code, 1860, s. 30) It includes not only rights conferred by statute but also those which may be claimed independently of any statute,
promise
to pay the debt of another that is ancillary to an original promise, is not made for the benefit of the party making it, and must be in writing to be enforceable false promise : a promise … an intention to act or refrain from acting in a specified way that gives the party to whom it is made a right to expect its fulfillment aleatory promise : a promise (as to compensate an insured … writing to be enforceable compare collateral promise in this entry main purpose rule promise implied in fact : an implied promise that exists by inference
benefit of the bargain
Matched in: Term benefit of the bargain
Administrative control rule
Administrative control rule, means the rule making the grantor of a trust liable for tax if the grantor retains control that may be exercised primarily for the grantor's own benefit. IRC (26 USCA)
Lapse
does not lapse by the death of the trustee in the testator's lifetime the legacy survives for the benefit of the beneficiary. Consult Jarman or Theobald on Wills; Roper on Legacies. … an infant dying after 1925, unmarried, after the testator's death, see Administration of Estates Act, 1925, s. 51(3). It is also a general rule that a trust legacy does not lapse by the death of the trustee
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