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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 i ... [...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, rent, 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 (economics), property rights. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (or ''cooperative propert''y). Property may be jointly owned by more than one party equally or unequally, or according to simple or complex agreements; to distinguish ownership and easement from rent, there is an expectation that each party's will with regard to the property be clearly defined and unconditional ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Agricultural Property Relief
Agriculture encompasses crop and livestock production, aquaculture, and forestry for food and non-food products. Agriculture was a key factor in the rise of sedentism, sedentary human civilization, whereby farming of domestication, domesticated species created food economic surplus, surpluses that enabled people to live in the cities. While humans started gathering grains at least 105,000 years ago, nascent farmers only began planting them around 11,500 years ago. Sheep, goats, pigs, and cattle were domesticated around 10,000 years ago. Plants were independently cultivated in at least 11 regions of the world. In the 20th century, industrial agriculture based on large-scale monocultures came to dominate agricultural output. , smallholding, small farms produce about one-third of the world's food, but large farms are prevalent. The largest 1% of farms in the world are greater than and operate more than 70% of the world's farmland. Nearly 40% of agricultural land is found on fa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Donation (Catholic Canon Law)
A donation, in the context of the canon law of the Roman Catholic Church, is the gratuitous transfer to another of some right or thing. When it consists in placing in the hands of the donee some movable object it is known as a gift of hand (, an offering or , an alms). Properly speaking, however, it is a voluntary contract, verbal or written, by which the donor expressly agrees to give, without consideration, something to the donee, and the latter in an equally express manner accepts the gift. In Roman law and in some modern codes this contract carries with it only the obligation of transferring the ownership of the thing in question; actual ownership is obtained only by the real traditio or handing over of the thing itself, or by the observation of certain juridically prescribed formalities. Such codes distinguish between conventional (or imperfect) and perfect donation, i.e. the actual transfer of the thing or right. In some countries the contract itself transfers ownership. A ... [...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 cr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Knapp V Knapp
''Knapp v Knapp'',. is the Possession (law), 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, Herbert Mayo (judge), Mayo J, applied the four elements of gifting (from ''Handshin v Hackett'',. where no Concurrent estate, co-ownership is envisaged. 1. Intention by the donor to give an absolute right to exclusive enjoyment. The car was registered in the husband's name, not the wife's, so he could get the pet ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Johnson V Buttress
Johnson may refer to: People and fictional characters *Johnson (surname), a common surname in English *Johnson (given name), a list of people * List of people with surname Johnson, including fictional characters *Johnson (composer) (1953–2011), Indian film score composer *Johnson (rapper) (born 1979), Danish rapper * Mr. Johnson (born 1966), Nigerian singer Places * Mount Johnson (other) Canada * Johnson, Ontario, township * Johnson (electoral district), provincial electoral district in Quebec * Johnson Point (British Columbia), a headland on the north side of the entrance to Belize Inlet United States * Johnson, Arizona * Johnson, Arkansas, a town * Johnson, Delaware * Johnson, Indiana, an unincorporated town * Johnson, Kentucky * Johnson, Minnesota * Johnson, Nebraska * Johnson, New York * Johnson, Ohio, an unincorporated community * Johnson, Oklahoma * Johnson, Utah * Johnson, Vermont, a town ** Johnson (village), Vermont * Johnson, Washington * Johnson, Wi ... [...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 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 An intention is a mental state in which a person commits themselves to a course of action. Having the plan to visit the zoo tomorrow is an example of an intention. The action plan is the ''content'' of the intention while the commitment is the ... ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inheritance Tax
International tax law distinguishes between an estate tax and an 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. 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. Inheritance taxes vary widely between countries. History There was a steep increase in the number of countries that implemented inheritance taxes throughout the 19th and early 20th century. From 1960 onwards, inheritance taxes declined in prevalence as numerous countries repealed theirs. For historical reasons, the term "death duty" is still used colloquially (though not legally) in the UK and some Commonwealth countries. The estate tax in the United States is sometimes referred as "death tax". Other taxation applied to inherita ... [...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." A business entity is not necessarily separate from the owner and the creditors can hold the owner liable for debts the business has acquired except for limited liability company. The taxation system for businesses is different from that of the corporates. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. A distinction is made in law and public offices between the term business and a company (such as a corporation or cooperative). Colloquially, the terms are used interchangeably. Corporations are distinct from sole proprietors and partnerships. Corporations are separate and unique legal entities from their shareholders; as such they provide limited liability for their owners and members. Corporat ... [...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] |
Equitable Interest
In law, 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 s ... [...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, refers to parcels of land and any associated structures which are the property of a person. For a structure (also called an Land improvement, improvement or Fixture (property law), fixture) to be considered part of the real property, it must be integrated with or affixed to the land. This includes crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads. 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 (legal system), 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
