terminate

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terminate

To end.(1) For leases,this term implies an ending before the natural expiration time, as by default.When reviewing leases, pay close attention to the rights and responsibilities “upon termination”or “at expiration,”because these are two completely different circumstances. (2) For partnerships, it means the end of the partnership business and affairs, although that might technically be before formal dissolution of the partnership.(3) Under the Uniform Commercial Code,it means legally ending a contract,without default by either side.

References in periodicals archive ?

The right to terminate is however subject to UAE Law.

What happens when it all goes wrong? Terminating a construction contract from a UAE law perspective

Thus, the trust will continue to be a QSST and will not terminate the corporation's S status.

Current developments: this two-part article discusses recent legislation, cases, rulings, regulations and other developments in the S corporation area. Part I focuses on eligibility, election and termination issues

However, if the taxpayer terminates a GST trust election for a trust for which transfers were subject to an ETIP and such termination is filed by the year in which the ETIP expires, the termination will effectively release prior transfers to the trust that were otherwise subject to a prior GST trust election.

New regs. on elections for indirect skips: final regulations on indirect skip transfer elections give taxpayers many generation-skipping transfer tax planning options. This article explains the election rules and available planning opportunities under the new regulations

The IRS ruled that, because the LLCs and the LP were disregarded as entities separate from their owners, the fact that the LLCs or LP owned the S corporation would not terminate the S election.

Current developments

One of the dangers inherent in any transaction involving the stock of a qualified Subchapter S subsidiary (QSub) is that it may inadvertently terminate the parent's QSub election.

IRS guidance for post-reorganization QSub terminations

The Service ruled that the temporary conversions did not terminate the initial S election.

Eligibility, election and termination issues

simply ensure that the S corporation's articles of incorporation authorize only one class of stock), there are several traps that could give rise to a prohibited second class of stock and terminate S status.

Different redemption rights did not create second class of stock

If the taxpayer terminates the swap at that time, the taxpayer will receive a payment from its counterparty, representing the present value of anticipated future payments under the swap.