Transaction


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TRANSACTION, contracts, civil law. An agreement between two or more persons, who for the purpose of preventing or putting an end to a law suit, adjust their differences by mutual consent, in the manner which they agree on; in Louisiana this contract must be reduced to writing. Civil Code of Louis, 3038.
     2. Transactions regulate only the differences which appear to be clearly comprehended in them by the intentions of the parties, whether they be explained in a general or particular manner, unless it be the necessary consequence of what is expressed; and they do not extend to differences which the parties, never intended to include in them. Id. 3040.
     3. To transact, a man must have the capacity to dispose of the things included in the transaction. Id. 3039; 1 Domat, Lois Civiles, liv. 1, t. 13, s. 1; Dig. lib. 2, t. 15, l. 1; Code lib. 2, t. 4, 1. 41. In the common law this is called a compromise. (q.v.)

References in periodicals archive ?
Notwithstanding this 90-day disclosure rule, if the taxpayer participated in the transaction during the tax year in which the transaction is first identified as a listed transaction or transaction of interest, then the taxpayer must disclose such participation with its regularly filed income tax return under the general rule.
James Buslik represented both the tenant and landlord in the transaction. Asking rents were $35 psf.
As a result of this program change, and a corresponding amendment to a class exemption (discussed below), plan sponsors can now voluntarily correct the fiduciary breach and obtain excise tax relief for prohibited transaction violations involving the use of plan assets to pay expenses to a service provider for services that are characterized as "settlor expenses," so long as such payments are not prohibited in the plan documents.
Although the IRS lost this case, it will continue to aggressively litigate any transaction considered a tax shelter.
(13) The California rules require taxpayers to (1) file amended returns, and (2) pay the tax that would have been otherwise due had the taxpayer not participated in the reportable transaction. (14) Further, California's VCI program provided taxpayers an election to retain the right to subsequently appeal taxes paid pursuant to the VCI.
Any procurement team that is not considering transaction taxes in its landed costs could be making an expensive mistake as normally recoverable value-added tax (VAT) and goods and services tax (GST) can sometimes become an expense that should be factored into landed cost.
(4) To the extent a taxpayer has reported "financial accounting irregularities" (restatements, for example), the IRS will, subject to its own discretion, request all tax accrual workpapers--even if the listed transaction was disclosed.
Currently there are many technological options but no standard method of authenticating the participants in an electronic transaction. The Electronic Signatures in Global and National Commerce Act (ESIGN), which was intended to facilitate electronic commerce, removes legal barriers to recognizing electronically authenticated (or signed) transactions as valid.
The features you will need for a high speed, accurate, and robust Transaction Recovery solution.
The Company's Synapse(sm) platform provides a gateway among all of the parties within a wireless point-of-sale (POS) transaction. This enables businesses that require mobility (i.e., not tethered to a telephone line) and/or faster transaction speed to accept wireless point-of-sale payments.
Markets function most efficiently when both parties to financial transactions are free to enter into transactions at their own discretion, unhampered by any perceived need to serve the interests of their counterparties.