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The exchange of assets that are virtually of the same type. Tax law may not recognize any gain or loss on the exchange and may delay any recognition until the disposition of the asset. … [Read more...] about LIKE KIND EXCHANGE

Used with regard to an Internal Revenue Code Section 1031 exchange of property. Property exchanged that is of like kind or similar property may not result in the recording of a taxable gain. … [Read more...] about LIKE KIND PROPERTY

Trademark law, a test used to determine whether the use of a mark would conflict with another mark that has been registered trade mark. Whether it is likely that the marketplace would confuse the origin of a product or service as being that of a second comer. For example, whether a new comer using the mark Coke Cola would cause confusion in the marketplace so that purchasers … [Read more...] about LIKELIHOOD OF CONFUSION

A member of the human body. In the phrase "life and limb," the latter term appears to denote bodily integrity in general; but in the definition of "mayhem" it refers only to those members or parts of the body which may be useful to a man in fighting. 1 Bl. Comm. 130. … [Read more...] about LIMB

A window, or opening in the wall for the admission of light Also a privilege or easement to have light admitted into one's building by the openings made foi that purpose, without obstruction or obscuration by the walls of adjacent or neighboring structures. … [Read more...] about LIGHT