To Tax Effect a Clause Is to Pay the Taxes

question 10

True/False

To tax effect a clause is to pay the taxes called for in that clause.

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Definitions:

Right of Recovery

The legal ability to reclaim goods or compensation under the terms of an agreement or through legal proceedings.

Trustee

A person licensed to receive and dispose of the assets of a bankrupt, then distribute the proceeds to the creditors.

Beneficiary

An individual or entity entitled to receive benefits or assets from a trust, will, or life insurance policy.

Statutory Assignment

The transfer of rights or interests in a particular matter as authorized and regulated by statute.