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contingent liability |
Also found in: Wikipedia | 0.02 sec. |
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Contingent Liability 1. The possibility of an obligation to pay certain sums dependent on future events. 2. Defined obligations by a company that must be met, but the probability of payment is minimal. Notes: 1. A good example of a contingent liability would be an outstanding lawsuit.
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Although in the past the government won a number of important victories in its ongoing attempt to stop abusive tax transactions, it has continued to lose on contingent liability transactions. Now, under Statement 157, any contingent liability must be quantified, regardless of its probability. History of Contingent Liability Transactions Coltec was one of a series of cases in which the government challenged transactions involving the transfer of contingent liabilities and assets to a subsidiary followed by the sale of the subsidiary's stock. |
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