Assumed Liability

Assumed Liability

1. See: Contractual Liability.

2. See: Assumed Bond.
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The lawmakers asked GAO to find out the federal government's risk if it allowed intermediate blends of ethanol, such as gasoline that contains 12 percent ethanol, and assumed liability for damage done to vehicles and non-auto engines.
For contingent liabilities, P will generally include the assumed liability in basis only as the liability is satisfied.
The Seventh Circuit Court of Appeals recently upheld a Tax Court ruling (see "Acquiring Contingent Liabilities," JofA, June04, page 73) that a corporation must capitalize its payment of an assumed liability.
Apertus also has assumed liability for Best Buy's former headquarters through April 1996.
Under today's action, Metropolitan offers to buy all additional water that Imperial recently proposed to conserve and sell to the state, beyond the IID-San Diego transfer, if the state assumed liability for a plan to restore the Salton Sea.
Additionally, when the partnership satisfies the obligation or when the obligation otherwise becomes fixed (when economic performance occurs), the deduction related to the assumed liability is allocated to the contributing partner under Sec.
The assumed liability would be a basis adjustment for her in year 5.
6, 2001 merger with Waters Instruments, Waters has assumed liability for all obligations of North Central Plastics outstanding at the time of the merger.
When an assumed liability was incurred within the two-year period prior to the transfer and the taxpayer is taking the position that the liability was not incurred in anticipation of the transfer.
Several survey respondents said they recorded environmental liabilities as an assumed liability in a purchase business combination.
Gold Canyon has assumed liability for all on-going costs associated with the Springpole Project and the full cost of the recently completed summer drill program, the results of which were summarized in a news release dated Oct.
predecessor to WestPoint Stevens, assumed liability for the litigation upon its acquisition of J.