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Gift (law)
A gift, in the law of property, is the voluntary and immediate transfer of property from one person (the donor or grantor) to another (the donee or grantee) without consideration. There are several type of gifts in property law, most notably ''inter vivos'' gifts which are made in the donor's lifetime and ''causa mortis'' (deathbed) gifts which are made in expectation of the donor's imminent death. Both types of gifts share three elements which must be met in order for the gift to be legally effective: donative intent (the intention of the donor to give the gift to the donee), the delivery of the gift to the donee, and the acceptance of the gift. In addition to those elements, ''causa mortis'' gifts require that the donor must die of the impending peril that he or she had contemplated when making the gift. ''Inter vivos'' gifts An ''inter vivos'' gift is an ordinary gift of personal property from one living person to another. It can be a gift of a present or future interest in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property
Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted property rights. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property). Property that jointly belongs to more than one party may be possessed or controlled thereby in very similar or very distinct ways, whether simply or complexly, whether equally or unequally. However, there is an expectation that each party's will (rather discretion) with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Property Relief
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company, such as a corporation or cooperative. Corporations, in contrast with sole proprietors and partnerships, are a separate legal entity and provide limited liability for their owners/members, as well as being subject to corporate tax rates. A corporation is more complicated an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gift Tax
In economics, a gift tax is the tax on money or property that one living person or corporate entity gives to another. A gift tax is a type of transfer tax that is imposed when someone gives something of value to someone else. The transfer must be gratuitous or the receiving party must pay a lesser amount than the item's full value to be considered a gift. Items received upon the death of another are considered separately under the inheritance tax. Many gifts are not subject to taxation because of exemptions given in tax laws. The gift tax amount varies by jurisdiction, and international comparison of rates is complex and fluid. The process of transferring assets and wealth to the upcoming generations is known as estate planning. It involves planning for transfers at death or during life. One such instrument is the right to transfer assets to another person known as gift-giving, or with the goal of reducing one's taxable wealth when the donor still lives. For fulfilling the cri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knapp V Knapp
''Knapp v Knapp'',. is the possession by intention of donor case, decided in the Supreme Court of South Australia, Australia. History The husband, the appellant, was the owner of a motor car. He said to his wife, the defendant, that he would give it to her as a birthday present. The car was registered in the husband's name, and subsequently re-registered in his name. The husband received a petrol allowance. The wife had custody of the car but used her husband’s petrol allowance. The wife made an action for the car and was successful. The husband appealed to the Supreme Court of South Australia. The case was heard by Mayo J. Decision The Court, Mayo J, applied the four elements of gifting (from ''Handshin v Hackett'',. where no co-ownership is envisaged. 1. Intention by donor to give absolute right to exclusive enjoyment. The car was registered in the husband's name, not the wife's, so he could get the petrol allowance. Therefore, he is the owner within the meaning ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Johnson V Buttress
Johnson is a surname of Anglo-Norman origin meaning "Son of John". It is the second most common in the United States and 154th most common in the world. As a common family name in Scotland, Johnson is occasionally a variation of ''Johnston'', a habitational name. Etymology The name itself is a patronym of the given name ''John (first name), John'', literally meaning "son of John". The name ''John'' derives from Latin ''Johannes'', which is derived through Greek language, Greek ''Iōannēs'' from Hebrew ''Yohanan'', meaning "Yahweh has favoured". Origin The name has been extremely popular in Europe since the Christian era as a result of it being given to St John the Baptist, St John the Evangelist and nearly one thousand other Christian saints. Other Germanic languages * Swedish language, Swedish: Johnsson, Jonsson * Icelandic language, Icelandic: Jónsson See also * List of people with surname Johnson *Gjoni (Gjonaj) *Ioannou *Jensen (surname), Jensen *Johansson *Johns ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Cole
''Re Cole'' ( 9641 Ch 175, CA) also known as ''ex p. Trustee v Cole'' is a case in English property law dealing with the transfer of gifts. Facts Mr Cole bought, furnished and equipped a large house in London as the family home, costing him £20,000 overall. Later that year, his wife came to London to move into their new home. He said to her 'look, it's all yours'. Subsequently, Mr Cole went bankrupt Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor ... and the contents of the home were claimed. However, Mrs Cole claimed that they had been gifted to her. Judgment The case establishes that a gift of chattels cannot be perfected by showing them to a donee and stating words of gift. In order to establish a gift there are three requirements. Namely, perfecting a gift requires 1) Intention ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inheritance Tax
An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died. International tax law distinguishes between an estate tax and an inheritance tax—an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the estate's beneficiaries. However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax. For historical reasons, the term death duty is still used colloquially (though not legally) in the UK and some Commonwealth countries. For political, statutory and other reasons, the term death tax is sometimes used to refer to estate tax in the United States. Varieties of inheritance and estate taxes * Belgium, droits de succession or erfbelasting (Inheritance tax). Collected at ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agricultural Property Relief
Agriculture or farming is the practice of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to live in cities. The history of agriculture began thousands of years ago. After gathering wild grains beginning at least 105,000 years ago, nascent farmers began to plant them around 11,500 years ago. Sheep, goats, pigs and cattle were domesticated over 10,000 years ago. Plants were independently cultivated in at least 11 regions of the world. Industrial agriculture based on large-scale monoculture in the twentieth century came to dominate agricultural output, though about 2 billion people still depended on subsistence agriculture. The major agricultural products can be broadly grouped into foods, fibers, fuels, and raw materials (such as rubber). Food classes include cereals (grains), vegetables, fruits, cooking oils, meat, milk, e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equitable Interest
An equitable interest is an "interest held by virtue of an equitable title (a title that indicates a beneficial interest in property and that gives the holder the right to acquire formal legal title) or claimed on equitable grounds, such as the interest held by a trust beneficiary". The equitable interest is a right in equity that may be protected by an equitable remedy. This concept exists only in systems influenced by the common law (as opposed to civil law) tradition, such as New Zealand, England, Canada, Australia, and the United States. Equity Equity is a concept of rights distinct from legal (that is, common law) rights; it is (or, at least, it originated as) "the body of principles constituting what is fair and right (natural law)".Black's Law Dictionary. Second Pocket Edition. p. 241. 2001 West Group. Bryan A. Garner (editor in chief) It was "the system of law or body of principles originating in the English Court of Chancery and superseding the common and statute law (to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Donor
A donor in general is a person, organization or government which donates something voluntarily. The term is usually used to represent a form of pure altruism, but is sometimes used when the payment for a service is recognized by all parties as representing less than the value of the donation and that the motivation is altruistic. In business law a ''donor'' is someone who is giving the gift (law), and a ''donee'' the person receiving the gift. More broadly, the term is used to refer to any entity that serves as the source of something transferred to a different entity, including - in scientific fields - the source of matter or energy passed from one object to another. The Online Etymology Dictionary traces the English-language word "donor" back to the mid-15th century, with origins in Anglo-French, Old French, Latin and Proto-Indo-European. In science Often the word is used as a shorter term for: * Blood donor * Donor (semiconductors) * Egg donor * Electron donor — (by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property, or personalty, was, and continues to be, all property that is not real property. In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls real property "heritable property", and in French-based law, it is called ''immobilier'' ("immovable property"). Historical background The wor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England
England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe by the North Sea to the east and the English Channel to the south. The country covers five-eighths of the island of Great Britain, which lies in the North Atlantic, and includes over 100 smaller islands, such as the Isles of Scilly and the Isle of Wight. The area now called England was first inhabited by modern humans during the Upper Paleolithic period, but takes its name from the Angles, a Germanic tribe deriving its name from the Anglia peninsula, who settled during the 5th and 6th centuries. England became a unified state in the 10th century and has had a significant cultural and legal impact on the wider world since the Age of Discovery, which began during the 15th century. The English language, the Anglican Church, and Engli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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