Search Results for: PURPORT

purport

purport (p[schwa]r-port), n. The idea or meaning that is conveyed or expressed, esp. by a formal document. purport (p[schwa]r-port), vb. To profess or claim, esp. falsely; to seem to be (the document purports to be a will, but it is neither signed nor dated).

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minutes

minutes. 1. Memoranda or notes of a transaction or proceeding. 2. Parliamentary law. The formal record of a deliberative assembly’s proceedings, approved (as corrected, if necessary) by the assembly. — Also termed journal; record; report. See DISPENSE WITH THE READING OF THE MINUTES; SPREAD UPON THE MINUTES . “The minutes of an organization include a

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sham transaction

sham transaction. An agreement or exchange that has no independent economic benefit or business purpose and is entered into solely to create a tax advantage (such as a deduction for a business loss). • The Internal Revenue Service is entitled to ignore the purported tax benefits of a sham transaction. [Cases: Internal Revenue 3071. C.J.S.

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