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Open Account |
Also found in: Dictionary/thesaurus, Medical, Financial, Encyclopedia, Wikipedia, Hutchinson | 0.02 sec. |
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An unpaid or unsettled account; an account with a balance that has not been ascertained, that is kept open in anticipation of future transactions. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is based on an evaluation of the buyer's credit. A contractual obligation that may be modified by subsequent agreement of the parties, either by expressed consent or by consent implied from the conduct of the parties, provided the agreement changing the contractual obligation is based upon independent consideration. 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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Specifically, two brothers owned 50% and 49% of an S corporation and lent it money on an open account. The taxpayers argued that all the advances were a single, open account measured at yearend. These may include inventory financing, open account financing, extended billing on display merchandise, asset-based loans and enlarged and dedicated credit lines to meet seasonal marketing needs. |
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