Examlex
A partnership's ordinary income or loss is computed without considering any qualified dividend income.This item is separately stated and passes through to the individual partners.
Public Policy
Principles and standards regarded by the legislature or courts as being of fundamental concern to the state and the whole of society.
Illegal
That which is forbidden by law; activities or actions that are against statutory laws and regulations.
Unenforceable
A contract or clause that cannot be executed by the judicial system because it violates laws or regulations or because it lacks certain essential elements.
Mentally Incompetent Persons
Individuals who are legally recognized as incapable of managing their own affairs or making decisions due to mental incapacity.
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