Examlex
The passive income test relating to an S corporation election is applied
Exempt
Freed or relieved from a duty, requirement, or liability to which others are subject.
Security Interest
A legal claim or encumbrance on property or assets, securing the payment of a debt or performance of some other obligation.
Collateral
Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower fails to repay.
Perfected Interest
A legal claim or lien that has been formally established to secure priority over other claims concerning the same asset or property.
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