Basis
the original cost of an asset to be used to determine the amount of capital gain
tax upon its sale; an "adjusted basis" includes improvements, expenses, and
damages between the time the original basis (price) is established and transfer
of the asset; "stepped up basis" means that the original basis of an asset will
be stepped up to current value at the time of the death of the owner, and thus
keep down capital gain taxes if the beneficiary of the dead person sells the
asset
Battery
the intentional striking of someone, with intent to harm, or in a "rude and
insolent manner," even if the injury is slight; negligent or careless
unintentional contact is not battery no matter how great the harm; battery is a
crime and also the basis for a lawsuit as a civil wrong if there is damage
Beach Bum Trust Provision
requirement in a trust that a beneficiary can only receive profit from the trust
equal to the amount they earn; this provision is intended to encourage the
beneficiary to work, and not just lie around the beach and live off the trust
Bearer
anyone holding something; such as a check, promissory note, bank draft, or bond;
this is important when the document state it is "payable to the bearer"
Belief
convinced of the truth of a statement or allegation; in a common phrase "upon
information and belief," the so-called belief is based only on unconfirmed
information, so the person declaring the belief is hedging their bet as to
whether the belief is correct
Bench
1) general term for all judges, as in "the bench," or for the particular judge
or panel of judges, as in an order coming from the "bench." 2) the large,
usually long and wide desk raised above the level of the rest of the courtroom,
at which the judge or panel of judges sit
Bench Warrant
a warrant issued by a judge, often to command someone to appear before the
judge, with a setting of an amount of bail to be posted, generally; a bench
warrant is used in lesser matters to encourage the party appear in court.
Beneficial Interest
the right of a party to some profit,
distribution, or benefit from a contract or trust
Beneficiary
broad term for any person or entity who is to receive assets or profits from an
estate, a trust, an insurance policy or any instrument in which there is
distribution
Benefit
1) any profit or acquired right or privilege, primarily through a contract 2) in
worker's compensation the term "benefit" is the insurance payment resulting from
a fatal accident on the job, while "compensation" is for injury without death 3)
In income taxation, anything that brings economic gain