organizational expense
An expense incurred while setting up a corporation or other entity.
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Search Results for: EXPENSE RATIO
ordinary and necessary expense
An expense that is normal or usual and helpful or appropriate for the operation of a particular trade or business and that is paid or incurred during the taxable year. • Ordinary and necessary expenses are tax-deductible. — Also termed ordinary and necessary business expense. [Cases: Internal Revenue 3318. C.J.S. Internal Revenue §§ 150, 152,
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shall
shall, vb. 1. Has a duty to; more broadly, is required to (the requester shall send notice) (notice shall be sent). • This is the mandatory sense that drafters typically intend and that courts typically uphold. [Cases: Statutes 227. C.J.S. Statutes §§ 362–369.] 2. Should (as often interpreted by courts) (all claimants shall request mediation).
clear residue
clear residue. The income deriving from funds used to pay a decedent’s debts, administration expenses, and general legacies. — Also termed true residue.
operating earnings
Business income calculated in violation of generally accepted accounting principles by including income items and excluding various business expenses. • Many companies use operating earnings to favorably skew their price-earnings (P/E) ratios. Because the rationales for the underlying calculations vary from company to company, and from period to period within a company, operating earnings are
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rental
rental, n. 1. The amount received as rent. crescendo rental. A rent payment that gradually increases at fixed periods during the term of the lease. delay rental. Oil & gas. A periodic payment made by an oil-and-gas lessee to postpone exploration during the primary lease term. See DRILLING-DELAY RENTAL CLAUSE. [Cases: Mines and Minerals 78.1(3).
general revenue fund
The fund out of which a municipality pays its ordinary and incidental expenses. [Cases: Municipal Corporations 886. C.J.S. Municipal Corporations § 1627.]
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guild
guild. 1. A group of persons sharing a common vocation who unite to regulate the affairs of their trade in order to protect and promote their common vocation; specif., a voluntary society or fraternity of persons employed in the same trade or craft, formed for the mutual benefit and protection of its members, who pay
municipal warrant
An order to draw money from a municipality’s treasury for the payment of the municipality’s expenses or debts. [Cases: Municipal Corporations 895. C.J.S. Municipal Corporations § 1636.]
profit and loss account
A transfer account of all income and expense accounts, closed into the retained earnings of a corporation or the capital account of a partnership. [Cases: Corporations 311; Partnership 81. C.J.S. Corporations §§ 505–506; Partnership §§ 91, 336, 340.]
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