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 ?
The Fourth Circuit subsequently joined the Federal Circuit in holding that investment advice fees incurred by a trust are subject to the 2% floor of Sec.
Thus, for taxpayers engaged in production and resale activities, many of the benefits of the proposed regulations may prove elusive, as costs seemingly deductible under the proposed regulations (for example, under the new 12-month rule) nonetheless may be treated as inventoriable production costs under the uniform capitalization rules as benefiting or being incurred by reason of production or resale activities.
461(h)(1) provides that, in determining whether an amount has been incurred with respect to any item during any tax year, the all events test shall not be treated as met any earlier than when economic performance with respect to such item occurs.
The IRS said that, as many individuals do hire investment advisers, the expenditures for investment advice were not incurred because of the trust's existence.
First, there will be claimants who are aware of a contamination problem but who yet have not incurred significant investigative or cleanup costs.
The 2004 IRS regulations requiring the capitalization of a lender's loan expenses are generally effective for expenses incurred on or after December 31, 2003, although expenses which have been previously incurred may also be affected by the new regulations.
The Mooney Award consists of $3,000, a plaque and lifetime membership to the Rubber Division, plus $500 for travel expenses incurred to attend the awards ceremony.
Acquisition indebtedness incurred prior to October 14, 1987, is not subject to the limitations imposed on indebtedness incurred subsequently.
Incurred sample reanalysis: it is just a matter of good scientific practice Marian Kelley
The labor costs incurred by these employees are collected in cost pools and allocated by costs drivers, as described above.
The regulations require taxpayers to capitalize costs incurred to create or enhance a "future benefit identified in published guidance in the Federal Register or the Internal Revenue Bulletin .