Legal Dictionary

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  1. 1000 Percent

    1000 percent in a literal sense means to multiply by 10. This article deals with its use in American English as a metaphor meaning very high emphasis, or enthusiastic support. It was used in the 1972 presidential election by presidential candidate George McGovern who endorsed his running mate "1000 percent" then quickly dropped him. Communication experts Judith Trent and Jimmy Trent agree with journalist Theodore H. White who called it, "possibly the most damaging single faux pas ever made by a [...]
  2. 1031 Exchange

    An exchange, i.e. sale and reinvestment of the proceeds therefrom, of business or investment property for like-kind business or investment property, which allows a seller to defer payment of capital gains taxes. Illustrative caselaw See, e.g. Teruya Bros., Ltd. v. C.I.R., 580 F.3d 1038 (9th Cir. 2009) See also 26 U.S.C. § 1031 Capital Gains Qualified intermediary
  3. 1231 Property

    1231 Property is a category of property defined in section 1231 of the U.S. Internal Revenue Code. 1231 property includes depreciable property and real property (e.g. buildings and equipment) used in a trade or business and held for more than one year. Some types of livestock, coal, timber and domestic iron ore are also included. It does not include: inventory; property held for sale in the ordinary course of business; artistic creations held by their creator; or, government publications.
  4. 130-30 Fund

    A 130–30 fund or a ratio up to 150/50 is a type of collective investment vehicle, often a type of specialty mutual fund, but which allows the fund manager simultaneously to hold both long and short positions on different equities in the fund. Traditionally, mutual funds were long-only investments. 130–30 funds are a fast-growing segment of the financial industry; they should be available both as traditional mutual funds, and as exchange-traded funds (ETFs). While this type of investment has [...]
  5. 1782 Edict Of Tolerance

    The 1782 Edict of Tolerance (Toleranzedikt vom 1782) was a religious reform of Emperor Joseph II during the time he was emperor of the Habsburg Monarchy as part of his policy of Josephinism, a series of drastic reforms to remodel Austria in the form of the ideal Enlightened state. Joseph II's enlightened despotism included the Patent of Toleration, enacted in 1781, and the Edict of Tolerance in 1782. The Patent of Toleration granted religious freedom to the Lutherans, Calvinists, and Serbian [...]
  6. 1933 Banking Act

    The Banking Act of 1933 (Pub.L. 73–66, 48 Stat. 162, enacted June 16, 1933) was a statute enacted by the United States Congress that established the Federal Deposit Insurance Corporation (FDIC) and imposed various other banking reforms. The entire law is often referred to as the Glass–Steagall Act, after its Congressional sponsors, Senator Carter Glass (D) of Virginia, and Representative Henry B. Steagall (D) of Alabama. The term Glass–Steagall Act, however, is most often [...]
  7. 1991 Armed Forces Immigration Adjustment Act

    The Armed Forces Immigration Adjustment Act 1991, also known as the Six and Six Program, was enacted on October 1, 1991. The Act amended the Immigration and Nationality Act of 1965, also known as the Hart-Celler Act. The Armed Forces Immigration Adjustment Act allows aliens who have served in the United States Armed Forces for at least period of 12 years to be granted special immigrant status. Immigrants who have served for 6 years may also obtain special immigrant status if they re-enlist so [...]
  8. 1993 Cherbourg Incident

    The 1993 Cherbourg incident were a series of maritime incidents which took place from 26 March to 2 April 1993 between the British Royal Navy and French fishermen as a result of a fishing rights dispute in and around the Channel Islands waters.
  9. 2000s Commodities Boom

    The 2000s commodities boom or the commodities super cycle was the rise, and fall, of many physical commodity prices (such as those of food stuffs, oil, metals, chemicals, fuels and the like) which occurred during the first two decades of the 2000s (2000–2014), following the Great Commodities Depression of the 1980s and 1990s. The boom was largely due to the rising demand from emerging markets such as the BRIC countries, particularly China during the period from 1992 to 2013, as well as the [...]
  10. 2002 United States Steel Tariff

    The Section 201 steel tariff is a political issue in the United States regarding a tariff that President George W. Bush placed on imported steel on March 5, 2002 (took effect March 20). The tariffs were lifted by Bush on December 4, 2003.
  11. 2002 Uruguay Banking Crisis

    The Uruguay banking crisis was a major banking crisis that hit Uruguay in July 2002. In this, a massive run on banks by depositors most of them from neighboring Argentina caused the government to freeze banking operations. The crisis was caused by a considerable contraction in Uruguay's economy and by over-dependence on Argentina (tourism, and construction boom), which experienced an economic meltdown itself in late 2001. In total, approximately 33% of the country's deposits were taken out of [...]
  12. 2008 Liechtenstein Tax Affair

    The 2008 Liechtenstein tax affair is a series of tax investigations in numerous countries whose governments suspect that some of their citizens may have evaded tax obligations by using banks and trusts in Liechtenstein; the affair broke open with the biggest complex of investigations ever initiated for tax evasion in the Federal Republic of Germany. It is seen also as an attempt to put pressure on Liechtenstein, one of the remaining uncooperative tax havens, as identified by the Financial [...]
  13. 2009 Loft Law Amendment

    The Loft Law Amendment (also referred to as Expanded Loft Law) is a New York law that created a new window period for recognition of loft tenants that previously did not qualify under the original 1982 Loft Law. The purpose of this bill is to extend provisions of the Loft Law to buildings which have been occupied residentially for 12 consecutive months during the period starting January 1, 2008 and ending December 31, 2009.
  14. 201 File

    A 201 file is a set of documents maintained by the US government for members of the United States armed forces. 201 files usually contain documents describing the member's military and civilian education history. A 201 file may also contain personal information such as home of record, and awards documents. Typically, a 201 file contains one or more of the following: The 201 file is an important document for service members to maintain, as the documents it contains are important for access to [...]
  15. 2011 Iranian Embezzlement Scandal

    The 3,000 billion toman embezzlement in Iran (also 2,800 billion embezzlement; approximately US$943.5 million) was a fraud involving the use of forged documents to obtain credit from at least seven Iranian state and private banks to purchase state-owned companies. The fraud reportedly extended over a four-year period, but became more serious "in the months before the scandal broke in September" 2011. According to Iranian newspapers, Iranian businessman Mahafarid Amir Khosravi (also known as [...]
  16. 2012 Pakistan Fake Medicine Crisis

    During late January 2012, a fake medicine crisis at the Punjab Institute of Cardiology (PIC) hospital in the Lahore region of Punjab, Pakistan, claimed the lives of over 100 heart patients. According to various reports, the incident involved patients who had been receiving treatment at the hospital and had been prescribed with counterfeit antihypertensive medicines. The spurious medicine(s) triggered a serious adverse reaction by depositing itself in the bone marrow and ending the body's [...]
  17. 2014 United States Federal Budget

    The 2014 United States federal budget is the budget to fund government operations for the fiscal year (FY) 2014, which began on October 1, 2013 and ended on September 30, 2014. The original spending request was issued by President Barack Obama on April 10, 2013. The actual appropriations for fiscal year 2014 must be enacted by both houses of Congress before they can take effect, in accordance with the United States budget process. The fiscal year 2014 United States budget exists only as [...]
  18. 2015 United States Federal Budget

    The 2015 United States federal budget is the federal budget for fiscal year 2015, which runs from October 1, 2014 to September 30, 2015. The budget takes the form of a budget resolution which must be agreed to by both the United States House of Representatives and the United States Senate in order to become final, but never receives the signature or veto of the President of the United States and does not become law. Until both the House and the Senate pass the same concurrent resolution, no [...]
  19. 2016 United States Federal Budget

    The United States Federal Budget for Fiscal Year 2016 began as a budget proposed by President Barack Obama to fund government operations for October 1, 2015 – September 30, 2016. The requested budget was submitted to the 114th Congress on February 2, 2015.
  20. 21st Century Cures Act

    The 21st Century Cures Act is a United States law enacted by the 114th United States Congress in December 2016. It authorized 6.3 billion in funding, mostly for the National Institutes of Health. The act had a range of support especially from large pharmaceutical organizations and was opposed especially by consumer organizations.

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