money and financial problems

LIFO accounting

Last in, first out (LIFO) accounting is a method for assessing the value of inventory, in which the most recently purchased items are assumed to be the first ones sold or disposed of. LIFO accounting typically lowers the recorded value of...

liquidating partner

A liquidating partner is a partner who is appointed to settle a dissolving or insolvent firm’s finances. During the process of liquidation, a liquidating partner is in charge of selling and distributing assets as well as settling debts on...

liquidation

The act of reducing assets to cash and distributing cash accordingly, especially of a business that is being wound up. The act of determining the cash value of some debt or damage. The parties involved essentially reduce their legal conflict or...

malfeasance

Malfeasance is an act that is illegal and causes physical or monetary harm to someone else. Malfeasance is intentional conduct that is wrongful or unlawful, especially by officials or public employees.

In the context of tort law, “...

marital deduction

Marital deduction refers to exceptions to gift and estate taxes for transfers made to spouses. Almost all property qualifies for this deduction and there is no limit. The deduction does not avoid taxes completely, but rather, the spouse...

marital deduction trust

A marital deduction trust is a trust where transfers of property between married partners are free of federal transfer tax. A marital deduction trust can take one of two forms:

A life estate coupled with a general power of appointment...

marital property

In a divorce case, the court divides all property owned by spouses into two categories according to its state law: 1) marital property owned between spouses, and 2) separate property of each spouse.

Marital property

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marital settlement agreement

Marital settlement agreements, also known as divorce settlement agreements, marital termination agreements, separation agreements, or stipulations of settlements, are written contracts between divorcing spouses of their responsibilities and...

maritime lien

A maritime lien is a type of lien originating from admiralty law. The lien provides security to a creditor, usually for providing services to the ship or due to injury caused by the ship. Maritime liens arise by operation of law at the moment...

market definition

In antitrust law, market definition is what determines the economic sphere in which anti-competitive conduct is measured.

Some courts have determined market definition based only on marginal consumers, to the neglect of core...

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