business homestead
The premises on which a family’s business is located. • In some states, business homesteads are exempt from execution or judicial sale for most kinds of debt. [Cases: Homestead 36.]
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Search Results for: EXEMPT
account debtor
A person obligated on an account, chattel paper, or general intangible. • The UCC exempts from the definition of account debtor a person obligated to pay a negotiable instrument, even if the instrument constitutes chattel paper. UCC § 9-102(a)(3).
taxable income
Gross income minus all allowable deductions and exemptions. • Taxable income is multiplied by the applicable tax rate to compute one’s tax liability. [Cases: Internal Revenue 4529; Taxation 980. C.J.S. Internal Revenue §§ 644–645; Taxation §§ 1715–1716.]
charitable organization
charitable organization. Tax. A tax-exempt organization that (1) is organized and operated exclusively for religious, scientific, literary, educational, athletic, public-safety, or community-service purposes, (2) does not distribute earnings for the benefit of private individuals, and (3) does not participate in any way in political candidate campaigns, or engage in substantial lobbying. IRC (26 USCA) §
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regulation a
Regulation A. An SEC regulation that exempts stock offerings of up to $5 million from certain registration requirements. [Cases: Securities Regulation 18.18. C.J.S. Securities Regulation § 69.]
augmented estate
augmented estate 扩大的遗产 扩大的遗产是制定法中为生存配偶一方的利益而规定的被扩大了的强制性份额，指从死者遗产中扣除丧葬费用、遗产管理费用、宅地津贴〔homestead allowance〕、家庭津贴〔family allowance〕、债务豁免财产〔exemption〕及死者的债务等之后，又加上死者生前向其他人赠与的财产数额，所得到的遗产额。但善意购买者及死者去世时其生存配偶方所拥有的财产，不属于扩大的遗产份额。
tax return
An income-tax form on which a person or entity reports income, deductions, and exemptions, and on which tax liability is calculated. — Often shortened to return. — Also termed income-tax return. [Cases: Internal Revenue 4470; Taxation 1079.1, 1313. C.J.S. Internal Revenue §§ 547, 575, 631; Taxation § 2038.]
municipal bond
A bond issued by a nonfederal government or governmental unit, such as a state bond to finance local improvements. • The interest received from a municipal bond may be exempt from federal, state, and local taxes. — Often shortened (in plural) to municipals; munies. — Also termed municipal security. [Cases: Municipal Corporations 911. C.J.S. Municipal
Webb–Pomerene Act
A federal law, originally enacted in 1918, that provides a qualified exemption for an export business against the prohibitions of the antitrust laws.15 USCA §§ 61 et seq.
active supervision
active supervision. Antitrust. Under the test for determining whether a private entity may claim a state-action exemption from the antitrust laws, the right of the state to review the entity’s anticompetitive acts and to disap-prove those acts that do not promote state policy. See STATE-ACTION DOCTRINE; MIDCAL TEST. [Cases: Monopolies 12(15.5). C.J.S. Monopolies §§ 136,
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