Assumed Liability

Assumed Liability

1. See: Contractual Liability.

2. See: Assumed Bond.
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The lawsuit alleges that after Pelfrey died on July 15 the estate assumed liability for discriminatory housing practices.
BP is not entitled to coverage under the Transocean insurance policies for damages arising from subsurface pollution because BP, not Transocean, assumed liability for those claims, the court held.
In this sense, the ruling party has assumed liability for the corruption charges.
The payments totalled PS9m in one season alone and newco Rangers assumed liability for the liquidated company's football debts when the club's membership of the SFA was transferred in 2012.
The buyer previously said it would pay EUR28.7m of the total price in cash on closing, which takes into consideration net cash and other assumed liability items being taken over.
The FRG also argues that even if it assumed liability for the West German bonds, the commercial activity exception would not apply to the (West German) bonds because Mortimer failed to satisfy settlement conditions by not complying with the validation procedures.
Horizon has also assumed liability for trust preferred securities of American Trust's parent AmTru Inc, in the amount of USD3.5m.
* The suit must seek damages for which XYZ has assumed liability in an "insured contract."
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. The appeals court's analysis offers a warning to other taxpayers that it's unlikely this type of expenditure ever will be deductible.
Plaintiff's attorneys had filed a two-count complaint against the nursing home and had included claims against its parent organization, charging that the parent "established, conducted business as, managed, operated, maintained, and/or assumed liability" for the subsidiary.