Total Liabilities - Law Dictionary Search Results
discharge
document proving release or payment 2 : the state of being discharged or released [a party seeking a total ] 3 : release from confinement [ordering a conditional of the alien on habeas corpus "Harvard Law Review"] … or surrender "J. D. Calamari and J. M. Perillo"] b : to release (a debtor in bankruptcy) from liability for his or her debts 2 : to release from confinement, custody, or care [ a prisoner] 3
unified credit
credit gradually reduced by the amount of credit allowed for gifts made in preceding calendar periods NOTE: The total unified credit allowed as of 1987 is $192,800. The amount of the credit to be used in each … is $192,800. The amount of the credit to be used in each period cannot exceed that period's tax liability, and so the credit may be gradually used up over a period of years. The unified credit is
Overtime
1983. Means time beyond or in excess of a set limit; working time in excess of a minimum total set for a given period; in excess of a set time limit or of the regular working time, … set time limit or of the regular working time, Webster's Third New International Dictionary. Overtime work attracts the liability of paying overtime wages. It means in the context of working hours, period in excess of the prescribed
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unified transfer tax
unified transfer tax : a tax imposed under the Internal Revenue Code on the cumulative total of gifts made over a certain amount by a person during his or her lifetime or after death … called also unified estate and gift tax see also unified credit NOTE: The unified transfer tax system creates liability for a single tax rather than separate liability for a gift tax and an estate tax.
Net-worth
Net-worth, means the sum total of the paid-up capital and free reserves. [Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986), s. … (ga)] The concept of 'Net Worth' always denotes the excess of the book value of all assets over liabilities and market value of the assets is never taken into consideration; in fact the market value of assets
Book of account
all receipts and expenses with matters relating thereto; (b) all sales and purchases; and (c) the assets and liabilities of the company: these books are to be open to inspection by the directors-heavy penalties for non-compliance are … book which contains successive entries of items may be a good memorandum book; but until those entries are totalled or balanced, or both, as the case may be, there is no reckoning and no account. In the
Abandonment
call upon the assurers to pay the full amount of the insurance, as in the case of a total loss. The loss is in such case called a 'constructive total loss' (English) Marine Insurance Act, 1906 (6 … by it, to abandon the slave or animal to the person injured, and thus relieve himself from further liability. As to abandonment of a building contract, see Sumpter v. Hedges, (1898) 1 QB 673, and Hudson on
Insurance
sacrificed for the common safety or which does not otherwise come under the heading of general average or total loss. Losses where the goods are saved, but in such a state as to be unfit to forward … c. 25), gives third parties right to direct recourse against the insurers where the insured has insured against liabilities to third parties and the insured has become bankrupt or, if a company, is being wound up, or
Tithe Rent-Charge
The value, either voluntarily agreed upon or awarded by the commissioners, was considered as the amount of the total rent-charge to be paid in respect of the tithes in that parish, and to be afterwards apportioned among … issue of stock subject to specified deductions in the Third Schedule and deductions set aside to provide for liabilities to repair chancels, etc. (see s. 29), and the Bank of England is to issue the specified stock
valuation
458 N.W.2d 391 (1990)"] 2 : the estimated or determined value (as market value) of a thing [the total assessed of property in the district] … valuation 1 : the act or process of valuing [actuarial of the assets and liabilities of a state pension fund] ;specif : appraisal of property [ of marital property is a factual finding
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