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The oil depletion allowance in American (US) tax law is a tax break claimable by anyone with an economic interest in a mineral deposit or standing timber. [citation needed] The principle is that the asset is a capital investment that is a wasting asset, and therefore depreciation can reasonably be offset (effectively as a capital loss) against income.
Directors have a duty not to waste corporate assets by overpaying for property or employment services. Thus the definition of waste is an exchange so one-sided that no business person of ordinary, sound judgment could conclude the corporation has received adequate consideration. This is difficult to prove in a court of law.
This doctrine fits under the broader framework of equity, in which a legal right to do something is not so unrestrained that it is impossible to abuse that right. A life tenant who is granted an estate "without impeachment of waste" (may not be sued for waste) may not commit acts of flagrant destruction inconsistent with the fruitful use of the ...
By Nate Raymond (Reuters) -A U.S. appeals court has halted enforcement of an anti-money laundering law that requires corporate entities to disclose the identities of their real beneficial owners ...
Some states, such as Texas, have adopted the “ownership-in-place” theory for oil and gas that landowners own a corporeal possessory interest (similar to a fee simple) in the substances beneath their land, but their ownership is a determinable fee subject to the rule of capture. [8]
When you think about wasting money, irresponsible splurging and lifestyle inflation probably come to mind -- but you can squander your financial security just as easily through the actions you don ...
SINGAPORE/HONG KONG (Reuters) -The governor of Texas ordered state agencies to stop investing in China and sell assets there as soon as possible, citing financial and security risks, a sign of ...
A preventive war is an armed conflict "initiated in the belief that military conflict, while not imminent, is inevitable, and that to delay would involve greater risk." [1] The party which is being attacked has a latent threat capability or it has shown that it intends to attack in the future, based on its past actions and posturing.