Examlex
A corporation who makes a charitable contribution of property for the care of the needy gets a deduction equal to the adjusted basis of the property.
Capital Surplus
A balance sheet account; the portion of shareholders’ contributions exceeding the par or stated value of shares. Also called additional paid in capital.
Derivative Action
A lawsuit brought by shareholders on behalf of a corporation against third parties, typically involving claims of mismanagement or abuse by corporate officers.
Independent Directors
Board members who are not part of a company's day-to-day operations, ensuring unbiased oversight and reducing conflicts of interest.
Zapata Test
A legal standard used to determine the independence and good faith of a special litigation committee's investigation and recommendations in corporate litigation.
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