Examlex
A shareholder has capital gain only to the extent that S corporation distributions to him exceed his basis in the stock plus the amount of corporate debt owed to him.
Institutionalization
The process of establishing something as a norm or standard within a society or organization.
Voidable
A legal term referring to a contract or action that can be invalidated or annulled by one or more of the parties involved.
Disaffirmance
The legal act of renouncing or nullifying a contract or agreement, particularly by minors or those not completely competent to enter into a contract.
Tort of Deceit
A legal wrong involving intentional misrepresentation or concealment of truth leading to damage or harm to another party.
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Q47: Encumbrances and expenditures both reduce total fund