Transfer Taxes - Law Dictionary Search Results
Home Dictionary Name: transfer taxesgeneration-skipping transfer tax
generation-skipping transfer tax : a transfer tax on a generation-skipping transfer called also generation-skipping tax ...
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. ...
transfer tax
transfer tax : a tax (as a gift tax or estate tax) imposed on the transfer of property ...
transfer taxes
transfer taxes State and local taxes charged for the transfer of real estate. Usually equal to a percentage of the sales price. Source: U.S. Department of Housing and Urban Development ...
deed
deed 1 : something done : act [my free act and ] 2 : a written instrument by which a person transfers ownership of real property to another see also deliver, grantee, grantor, recording act, registry, title compare certificate of title NOTE: A deed must be properly executed and delivered in order to be effective. Additionally, the grantor must have freely intended to make the transfer at the time of the conveyance. Deeds are recorded at the local registry of deeds to give notice of ownership. bargain and sale deed 1 : a contract resulting from a bargain between a buyer and a seller of real property that creates a use in the buyer and therefore transfers title to the buyer by operation of law 2 : a deed in which the grantor makes no warranties of title to the grantee deed of trust : an instrument securing a debt in which a debtor conveys the legal ownership of real property to a trustee to be held in trust for the benefit of the creditor or to be sold upon the debtor's defaul...
Usual common form
Usual common form, means the articles of association sometimes provide that the transfer of shares should be in writing, and in the 'usual common form'. This expression means that everything which is material to the transfer must be in the usual common form. It does not mean that the transfer is bad if the ifs are not properly dotted, and the it's are not properly crossed, Letheby and Christopher, Ltd., (1904) 1 Ch 815....
Appointment of new trustees
Appointment of new trustees, See TRUSTEES. It was formerly necessary to inset a full power in instruments creating a trust providing a succession of trustees and nominating the person or persons by whom the power was to be exercised and specifying the various contingencies, as death, resignation, incapacity, etc., of the trustee, in which the power was to arise; otherwise application had to be made to the Court of Chancery. Latterly, however, a power for this purpose has been supplied by various Acts of Parliament, the statute at present in force being the (English) Trustee Act, 1925, ss. 36 and 37 replacing and extending the 10th section of the (English) Trustee Act, 1893 (56 & 57 Vict. c. 53), and s. 36 of the (English) Act of 1925 also provides for the appointment of additional trustees. S. 40 provides for the vesting of the trust property in the new trustees by a declaration in the deed of appointment or, deeds of appointment executed after 1925, no express vesting declaration appe...
Gift
Gift. The old text-writers made a gift (donatio) a distinct species of deed, and describe it as a conveyance applicable to the creation of an estate-tail; while a feoffment they strictly confine to the creation of a fee simple estate. The operative verb was 'give,' which no longer implies any covenant in law (Real Property Act, 1845 (8 & 9 Vict. c. 106), s. 4), replaced by the Law of Property Act, 1925, s. 59(2), and the deed required livery of seisin. It is obsolete. See Jac. Law Dict.A gift is now understood to mean a mere voluntary assurance or transfer of property without any consideration being given for it. Such a transaction is apt to be very jealously scrutinized in a Court of Equity, and will be set aside on proof of undue influence (see that title), or of a fiduciary relationship of the donee to the donor, see Huguenin v. Baseley, (1806-8) 14 Ves 273; W. & T. L.C.; Morley v. Loughman, (1893) 1 Ch 736 (757); Lyon v. Home, (1868) LR 6 Eq 655. In the absence of any such objectio...
Transfer
Transfer, a permanent alienation is a transfer and a permanent alienation includes the several kinds of transfers, namely, sale, exchange or gift, Syed Jalal v. Targopal Ram Reddy, AIR 1970 AP 19.Transfer, cannot have the widest comprehension, and does not indicate or include compulsory transfer or forced transfer, like court auction sale, Kharva Gigabhai Mavji v. Soni Jagjivvan Kanji, 1979 (20) Guj LR 256.Transfer, connotes, normally, between two living persons during life; will take effect after demise of the testator and transfer in that perspective becomes incongruous, State of West Bengal v. Kailash Chandra Kapur, (1997) 2 SCC 387.Transfer, Decrees which would have the effect of extinguishing the tittle of the holder and nesting the same in some one else though not falling within the ordinary meaning of the phrase 'transfer of property' would be 'transfers' within the meaning of the term as used in ss. 4 and 5, Jagdish v. State of Madhya Pradesh, AIR 1993 MP 132. [See M.P. Ceiling...
Gift, 'transfer of property
Gift, 'transfer of property', the definition of 'gift' makes it clear that there has to be a transfer by one person to another of movable or immovable property; such transfer has to be voluntary and without consideration in money or money's worth. What is, therefore, absolutely essential for the purposes of a gift is a transfer of property. 'Transfer of property' is defined for the purposes of the Gift-tax Act as any disposition or conveyance, or assignment or settlement or delivery or payment or other alienation of property, C.G.T. v. T.M. Louiz, (2000) 7 SCC 486: AIR 2000 SC 3136 (3138). [Gift-tax Act, 1958, ss. 2(xii) & (xxiv), 3 and 4]...
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