Transferor


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Transferor

The beneficiary of a transferable letter of credit who causes a bank to transfer the credit to another party.

Transferor

In law, a party that makes a transfer of property or another asset to a second party. The transferor may or may not receive compensation for the transfer.
References in periodicals archive ?
Ref: 166187-0001 (GHFS/LEH) Solicitors for the Transferor
transferor must agree to extend the period of limitation for assessment of tax on certain items related to the Sec.
The typical estate plan for married couples who wish to benefit each other consists of the creation of a bypass or "credit shelter" trust (CST) that utilizes the transferor spouse's applicable exclusion amount under [section]2010 (AEA), with the balance of assets passing into one or two mandatory income trusts for the surviving spouse that is/are entitled to qualify for the federal estate tax marital deduction under [section]2056(b)(7) as "qualified terminal interest property" (QTIP).
Sometimes a government is the operator in an SCA, rather than the transferor. If so, the consideration it provides to the transferor (e.g., cash payment, capital asset, improvements) should be treated as an intangible asset and amortized over the life of the agreement.
A "transferor," in the case of any property subject to the federal estate tax, is the decedent.
There are two principal ways to make sure both the transferor and the entity are properly insured for their respective interests.
It must have been owned by the transferor for the two years immediately preceding the transfer.
The gain is the difference between the amount realized (the present value of the right to the promised payments) and the transferor's adjusted basis in the property.
Remember that Qualifying Special-Purpose Entities (QSPEs) do not get consolidated by the transferor even if the so-called equity class is wholly-owned by the transferor.
Original UCC Article 6 applied to bulk transfers of a major part of the materials, supplies, merchandise and other inventory outside the ordinary course of the transferor's business.
First, dispositions by gift and at death do not trigger recapture.(83) Second, in the case of certain tax-free exchanges, the recapture amount is limited to the gain recognized to the transferor, reduced by the amount of gain that otherwise is treated as ordinary income to the transferor.(84) The latter provision generally applies if the basis of the property in the hands of the transferee is determined by reference to its basis in the hands of the transferor by reason of sections 332,351,361, 721 or 731.(85) Recapture also is not required in the case of a disposition of property to a tax-exempt organization except to the extent that the property is used by the exempt organization in an activity that generates unrelated business taxable income.(86)