financial statement. 1. A balance sheet, income statement, or annual report that summarizes an individual’s or organization’s financial condition on a specified date or for a specified period by reporting assets and liabilities. — Also termed financial report. Cf. FINANCING STATEMENT. certified financial statement. A financial statement examined and reported by an independent public or […]
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impracticability (im-prak-ti-k[schwa]-bil-[schwa]-tee).Contracts. 1. A fact or circumstance that excuses a party from performing an act, esp. a contractual duty, because (though possible) it would cause extreme and unreasonable difficulty. • For performance to be truly impracticable, the duty must become much more difficult or much more expensive to perform, and this difficulty or expense must
A portion of a decedent’s estate set aside by statute for a surviving spouse, regardless of any testamentary disposition or competing claims. • This allowance is superior to the claims of general creditors. In some states, it is even preferred to the expenses of administration, funeral, and last illness of the spouse. — Also termed
A corporation’s gross income less capital gains and certain expenses. • The IRS uses this calculation to determine whether a corporation is a personal holding company. If 60% or more of a corporation’s AOGI consists of certain passive investment income, the company has met the test for personal-holding-company classification. IRC (26 USCA) § 543(b). —
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