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contingent interest |
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contingent interest n. an interest in real property which, according to the deed (or a will or trust), a party will receive only if a certain event occurs or certain circumstances happen. Examples: surviving a person who had a life estate (the right to use the property for his/her life), or having children at the time such a life estate ends. (See: contingent, contingent remainder, future interest) See also: claim, right How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The taxpayer argued that the estate's contingent interest should not be considered in the calculation, resulting in a $6,000 gift to each beneficiary. On issue 2, the EITF concluded instruments A and C should be accounted for similarly to indexed debt obligations, which provide for contingent interest payments in addition to a guaranteed minimum interest payment. 75% Senior Convertible Notes due 2022 will, subject to the terms of the indenture under which they were issued, accrue contingent interest at a rate of 0. |
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