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Champerty and maintenance are doctrines in common law jurisdictions that aim to preclude frivolous litigation: Maintenance is the intermeddling of a disinterested party to encourage a lawsuit. [1]: 260 It is: "A taking in hand, a bearing up or upholding of quarrels or sides, to the disturbance of the common right." [2]
The taxpayers classified this payment as an ordinary business loss, which would allow them to take a greater deduction for the loss than would be permitted for a capital loss. [1] The "Arrowsmith Doctrine" is a principle of United States Federal Income tax law that holds that financial restorations associated with prior income items take the ...
Trevor v Whitworth (1887) 12 App Cas 409 is a UK company law case concerning share buybacks. It held they were unlawful. The case is often used in support for the Capital Maintenance Rule. The rule coming from the case itself has since been reformed by statute in several commonwealth countries.
It was not a coincidence that the loss was a little under £315,000: just enough to cover an unrelated taxable capital gain Mr Rawling had made in the same year. The court rejected the idea that there had in fact been any loss. Lord Russell said, quite bluntly: I wholly fail to comprehend the contention that the taxpayer sustained a loss.
Maxims of equity are legal maxims that serve as a set of general principles or rules which are said to govern the way in which equity operates. They tend to illustrate the qualities of equity, in contrast to the common law, as a more flexible, responsive approach to the needs of the individual, inclined to take into account the parties' conduct and worthiness.
In accounting, the convention of conservatism, also known as the doctrine of prudence, is a policy of anticipating possible future losses but not future gains. It states that when choosing between two solutions, the one that will be least likely to overstate assets and income should be selected.
As a result of each A and B taking a $60,000 distributive share of the loss, their respective capital accounts are decreased by $60,000 from $10,000 to ($50,000). To restore these negative capital account balances to $0.00 in a deemed liquidation of their partnership interests, A and B would have to contribute $50,000 each to the partnership.
The term shareholder value, sometimes abbreviated to SV, [1] can be used to refer to: . The market capitalization of a company;; The concept that the primary goal for a company is to increase the wealth of its shareholders (owners) by paying dividends and/or causing the stock price to increase (i.e. the Friedman doctrine introduced in 1970);