Tax. A gift that is made by one spouse to a third person and that, for gift-tax purposes, both spouses treat as being made one-half by each spouse; a gift in which the spouses combine their annual gift-tax exclusions. • A split gift, for example, is eligible for two annual exclusions of $10,000 each, or […]
tax base. The total property, income, or wealth subject to taxation in a given jurisdiction; the aggregate value of the property being taxed by a particular tax. Cf. BASIS(2).
standard of need. In public-assistance law, the total subsistence resources required by an individual or family unit as determined by a state and, when unsatisfied by available resources, entitles the individual or family unit to public assistance. [Cases: Social Security and Public Welfare 4.10, 194. 7. C.J.S. Social Security and Public Welfare §§ 11, 18,
rule of 78. A method for computing the amount of interest that a borrower saves by paying off a loan early, when the interest payments are higher at the beginning of the loan period. • For example, to determine how much interest is saved by prepaying a 12-month loan after 6 months, divide the sum
aggregation doctrine. The rule that precludes a party from totaling all claims for purposes of meeting the minimum amount necessary to give rise to federal diversity jurisdiction under the amount-in-controversy requirement. See diversity jurisdiction under JURISDICTION; AMOUNT IN CONTROVERSY. [Cases: Federal Courts 344.]
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equity ratio. 1. The percentage relationship between a purchaser’s equity value (esp. the amount of a down payment) and the property value. 2. The measure of a shareholder’s equity divided by total equity.
The total value of stock for which there are subscriptions (contracts of purchase).
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partial limitation. Insurance. A policy provision in which the insurer agrees to pay a total loss if the actual loss exceeds a specified amount.
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Melson formula. Family law. A method of calculating a noncustodial parent’s child-support obligation to ensure that (1) neither parent falls below the poverty level in meeting child-support obligations, and (2) a child of a wealthier noncustodial parent shares in that parent’s higher standard of living. • Named for Judge Elwood F. Melson of Delaware Family
canvass, vb. 1. To examine in detail; scrutinize (that issue has been repeatedly canvassed by our state’s courts). 2. To formally count ballots and report the returns (canvass the votes). “When all the ballots have been collected, including those of the presiding officer, the secretary, and the tellers, the ballots are canvassed by the tellers.