incur


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Incur

To become subject to and liable for; to have liabilities imposed by act or operation of law.

Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court.

incur

verb acquire, assume, bargain for, become liible for, become responsible for, bring on, bring upon oneeelf, contract, enter into, expose onself to, fall into, get, lay oneself open to, meet with, run the chance, suscipere, undertake
Associated concepts: claim incurred, incur a debt, incur a liibility, incur an obligation, incurred risk, incurring indebttdness, penalty incurred
References in periodicals archive ?
In their opinion, the expenditures did not meet the requirement because individuals commonly incur them.
Amounts would be taxable if, under the arrangement, the employee can be paid those amounts regardless Of whether they incur medical expenses.
This change also could result in the violation by some utilities of their debt covenants, causing them to incur additional costs to renegotiate or refinance that debt.
In order to prevent hostile takeovers, corporations often will incur expenses to redeem shares of their stock.
SOP 98-1 says an entity should expense costs it incurs during the preliminary project stage of software development as incurred.
It is not critical to inquire whether a taxpayer really had to incur a particular expense, such as paying an employee's or agent's legal fees, if incurring such an expense was "appropriate or helpful.
In TAM 9541005, the IRS ignored the fact that the company's liability to incur the costs derived from its ownership of the land prior to the contribution to the county.
As the Company previously disclosed, Wolff and two other former officers of the Company have asserted claims for the advancement of fees and expenses they have incurred, and may continue to incur, in connection with investigations and litigations related to the Company's previous restatements.
Also, due to the effective date, taxpayers that incur organization or start-up costs in 2004 may need to make two elections--one under the old law and one under the AJCA.
Even though the partnership agreement allowed the general partner to incur such expenses, the Tax Court observed the partners were not notified of the payments.
Otherwise, the government may incur substantial costs in studying and implementing changes-- in a veritable vacuum--only to find that the new system is unworkable.
In order to acquire its 60% interest in the underlying option agreement, Buffalo must pay Gitennes CAD$30,000 on regulatory approval, incur expenditures of CAD$600,000 by July 15, 2007, of which CAD$100,000 must be incurred by July 15, 2006, and must make property payments to the underlying vendor totalling CAD$150,000 by July 15, 2008.