To cost to replace an item that is no longer in possession. … [Read more...]

The act of giving up a right. 2. It is a rule of law that any one may renounce a right which the law has established in his favor. To this maxim there are many limitations. A party may always renounce an acquired right; as, for example, to take lands by descent; but one cannot always give up a future right, before it has accrued, nor to the benefit conferred by law, although … [Read more...]

In an IRC 1031 Like Kind Exchange of Property, the property that the investor receives in return for his or her property is called the replacement property. … [Read more...]

Latin: The defendant being absent; in the absence of the defendant. … [Read more...]

When an item is stolen, lost or destroyed, this is the cost of what it would take to buy that item from a retail vendor and with respect to the condition and age of the item. … [Read more...]