The suspension of an action. 2. Proceedings are stayed absolutely or conditionally. 3. 1. They are peremptorily stayed when the plaintiff is wholly incapacitated from suing; as, for example, when the plaintiff is not the holder, nor beneficially interested in a bill on which he has brought his action; or when the plaintiff admits in writing, that he has no cause of action; or … [Read more...] about STAYING PROCEEDINGS
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STEPPED UP BASIS
Property transferred through inheritance can receive special treatment for tax purposes. The basis or the value of the property used for a new owner that is given pursuant to inheritance may be the market value of the property when acquired at the time of death rather than the original cost of acquisition by the testator, resulting in less gain due to the higher … [Read more...] about STEPPED UP BASIS
STEAL
To commit theft or larceny, to wrongfully take property that belongs to another without the intent of returning the property and keeping it indefinitely. Law Dictionary - Alternative Legal Definition This term is commonly used in Indictments for larceny, ("take, steal, and carry away,") and denotes the commission of theft. But In popular usage, "stealing" seems to be a wider … [Read more...] about STEAL
STEPPED-UP BASIS
A tax term that determines profit and loss for a property that is sold. When a person inherits property that has increased in value over the cost of the property to the deceased, the new property owner's cost or tax basis is the market value of the property at the time of the death of the decedent. The stepped up basis is beneficial to the new owner since the profit on the sale … [Read more...] about STEPPED-UP BASIS
STEALING
This term imports, ex vi termini, nearly the same as larceny; but in common parlance, it does not always import a felony; as, for example, you stole an acre of my land. 2. In slander cases, it seems that the term stealing takes its complexion from the subject-matter to which it is applied, and will be considered as intended of a felonious stealing, if a felony could have been … [Read more...] about STEALING