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current liability

   Also found in: Wikipedia, Hutchinson 0.02 sec.
current liability
A debt due within a year. Current liabilities include accounts payable, short-term loans from financial institutions, current maturities of long-term debt, dividends declared but not paid, and expenses incurred but not paid. Current liabilities are generally met using current assets.


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This legislation increases the deductibility limit to 140% of current liability, allowing plans to save more for future retirees and avoid future funding shortfalls.
412 (1)(7)(C)(ii) (and parallel Employee Retirement Income Security Act of 1974 Section 302(d)(7)(C)(ii)) to determine current liability for participants and beneficiaries (other than disabled participants) of defined-benefit plans for plan years beginning in 2007.
Unfortunately, the current liability system has failed patients.
 
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