Tag: person

DefinitionGazumping occurs when a seller accepts an oral offer on the property from one potential buyer, but then accepts a higher offer from someone...

What is a 'Generation-Skipping Trust' A generation-skipping trust is a type of legally binding trust agreement in which the contributed assets are...

What is 'Generation-Skipping Transfer Tax - GSTT' A tax incurred when there is a transfer of property by gift or inheritance to...

What is 'Tax Arbitrage' The practice of profiting from differences between the way transactions are treated for tax purposes. The complexity of...

DefinitionTax evasion is the illegal evasion of taxes by individuals, corporations, and trusts. Tax evasion often entails taxpayers deliberately misrepresenting the true state of...

What is 'Dealer Financing' Loans that are originated by a retailer to its customers and are then sold to a bank or...

DefinitionIn economics, the excess burden of taxation, also known as the deadweight cost or deadweight loss of taxation, is one of the economic losses...

What is 'Underinsured Motorist Endorsement' An added provision or attachment to an automobile insurance policy that provides insurance coverage to the policyholder...

DefinitionUnderemployment is the under-use of a worker due to a job that does not use the worker's skills, or is part time, or leaves...

The word corporation represents an organization, which works completely separately from its owners, and it is in itself a legal body capable of presenting...