life tenant
A person who, until death, is beneficially entitled to property; the holder of a life estate. — Also termed tenant for life; life-owner. See life estate under ESTATE(1). [Cases: Life Estates 1. C.J.S. Estates §§ 28–29, 31, 34.]
A person who, until death, is beneficially entitled to property; the holder of a life estate. — Also termed tenant for life; life-owner. See life estate under ESTATE(1). [Cases: Life Estates 1. C.J.S. Estates §§ 28–29, 31, 34.]
immoral subject matter. 1. Patents. Inventions that do not have a socially beneficial use. • In the past, patents were denied for some categories of inventions, such as gambling devices and fraudulent products, esp. medicines. The doctrine is rarely used today. [Cases: Patents 46. C.J.S. Patents § 59.] 2. Trademarks. SCANDALOUS SUBJECT MATTER.
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Tax. A loss incurred from the sale or exchange of an item that is used in a trade or business. • The loss is deductible from ordinary income, and thus is more beneficial to the taxpayer than a capital loss.
A privilege protecting individuals and entities from divulging the results of candid assessments of their compliance with laws and regulations, to the extent that the assessments are internal, the results were intended from the outset to be confidential, and the information is of a type that would be curtailed if it were forced to be
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benefit certificate. A written obligation to pay a named person a specified amount upon stipulated conditions. • Benefit certificates are often issued by fraternal and beneficial societies. [Cases: Beneficial Associations 18(1). C.J.S. Beneficial Associations § 29.]
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A bank, association, or other entity that exercises fiduciary powers, that holds securities on behalf of beneficial owners, and that deposits the securities for safekeeping with another bank, association, or other entity exercising fiduciary powers. SEC Rule 14a-1(k) (17 CFR § 240.14a-1(k)).
inurement. A benefit; something that is useful or beneficial (a taxable inurement to the benefit of a private person).
A form of business organization, similar to a corporation, in which investors receive transferable certificates of beneficial interest (instead of stock shares). — Also termed Massachusetts trust; common-law trust. [Cases: Joint–Stock Companies and Business Trusts 1, 8. C.J.S. Business Trusts §§ 2–8, 10–12, 17–18, 37; Joint Stock Companies§§ 2–4, 6, 11.]
life tenant. A person who, until death, is beneficially entitled to property; the holder of a life estate. — Also termed tenant for life; life-owner. See life estate under ESTATE(1). [Cases: Life Estates 1. C.J.S. Estates §§ 28–29, 31, 34.] equitable life tenant. A life tenant not automatically entitled to possession but who makes an
fraternal benefit association. A voluntary organization or society created for its members’ mutual aid and benefit rather than for profit, and whose members have a common and worthy cause, objective, or interest. • These associations usu. have a lodge system, a governing body, rituals, and a benefits system for their members. — Also termed fraternal
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