Tag: LI

Litigant means:a party actively involved in a lawsuit; a plaintiff or defendant involved in litigation….

Liquidation means:a procedure in which shareholders surrender all of their shares in a corporation and receive, after all creditors are paid, their pro rata share of any remaining assets and accumulated earnings and profits. A company in liquidation is a company in the process of being dissolved…

Life Beneficiary means:a person entitled to the use of or income from property during his or her lifetime. See also other Tax Terms and Definitions in U.S.A. remainderperson….

Libson Shops Doctrine means:a Supreme Court limitation on the survival of net operating loss carryover after a statutory merger; it is based on the continuity of business enterprise theory or loss tracing. Libson Shops v. Koehler, 353 U.S. 382 (1957). This doctrine has been extended to other car…

Living Trust means:a trust that was established and was in operation during the grantor's life; an inter vivos trust. See also other Tax Terms and Definitions in U.S.A. testamentary trust….

Liquidating Trust means:a trust formed to liquidate and distribute assets transferred to it. It is taxed as a trust unless the liquidation continues for an extended period of time or the trust continues on a permanent basis the operation of the business it was formed to liquidate….

Life Estate means:an estate whose duration is limited by the life of the person holding it or by that of some other person….

Lifetime Gift means:an effective vehicle of transfer in estate planning. Lifetime gifts eliminate all probate and administration expenses on the property transferred….