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Grandfather clause
(redirected from Grandfather rule)

   Also found in: Medical, Legal, Encyclopedia, Wikipedia 0.01 sec.
Grandfather clause
A provision included in a new rule or regulation that exempts a business that is already conducting business in the area addressed by the regulation from penalty or restriction.


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This proposal would be effective for transfers to trusts after 2000, and a grandfather rule would apply to trusts in existence on the date of enactment.
The proposal would be effective for transfers to trusts after 2000; a grandfather rule would apply to trusts in existence on the date of enactment.
This grandfather rule permits partnership status for entities that meet the following requirements --
 
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