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The seminal difference between a lease and a license is that a lease generally provides for regular periodic payments during its term and a specific ending date. If a contract has no ending date then it may be in the form of a perpetual license and still not be a lease.
Form 990 (officially, the " Return of Organization Exempt From Income Tax " [1]) is a United States Internal Revenue Service (IRS) form that provides the public with information about a nonprofit organization. [2]
Substance over form is an accounting principle used "to ensure that financial statements give a complete, relevant, and accurate picture of transactions and events". If an entity practices the 'substance over form' concept, then the financial statements will convey the overall financial reality of the entity (economic substance), rather than simply reporting the legal record of transactions ...
Leasehold estate. A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant has rights of real property by some form of title from a lessor or landlord. [1] Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property.
Rental agreement. A rental agreement is a contract of rental, usually written, between the owner of a property and a renter who desires to have temporary possession of the property; it is distinguished from a lease, which is more typically for a fixed term. [1] As a minimum, the agreement identifies the parties, the property, the term of the ...
Form 1120 (officially the "U.S Corporate Income Tax Return") is one of the IRS tax forms used by corporations (specifically, C corporations) in the United States to report their income, gains, losses, deductions, credits and to figure out their tax liability. [ 25 ][ 26 ][ 27 ] The form has many variants for corporations with different ...
Concession (contract) A concession or concession agreement is a grant of rights, land, property, or facility by a government, local authority, corporation, individual or other legal entity. [1] Public services such as water supply may be operated as a concession. In the case of a public service concession, a private company enters into an ...
A 501 (c) (3) organization is a United States corporation, trust, unincorporated association or other type of organization exempt from federal income tax under section 501 (c) (3) of Title 26 of the United States Code. It is one of the 29 types of 501 (c) nonprofit organizations [ 1 ] in the US.