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 ?
FASB's view is that a utility incurs the liability (the radioactive contamination) as soon as its plant begins operation.
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.
Costs an entity incurs to develop or obtain software for its Internet Web site are subject to SOP 98-1, but costs to develop the initial or ongoing Web site content are not specifically addressed in the SOP.
permit the Company to incur up to $30 million of additional indebtedness under credit facilities by increasing the amount of senior debt we may incur pursuant to Section 4.
In both Situations 1 and 2, the environmental remediation costs N incurs in 2004 do not qualify for treatment under Sec.
Certain costs an entity incurs in conjunction with start-up activities may relate to the acquisition or manufacture of inventory.
The holding in Woodward also applies to costs incurred by minority shareholders who incur legal fees to appraise their minority stock interest.
195 addresses the costs that most businesses incur before starting initial operations.
These are not exit costs because they are not incremental to other costs the enterprise incurs in the conduct of its activities before the exit plan commitment date.
B incurs costs to (1) remediate the contaminated soil by excavating, transporting, and disposing the contaminated soil, (2) monitor the level of PCBs in the workplace and near the manufacturing operation for a period of years, and (3) repair various pieces of leaking equipment with a series of spot welds to seal the leaks.
Careful planning is necessary when a company incurs expenses to resist a hostile takeover while implementing a friendly acquisition.
If a target incurs expenditures incident to assisting in a takeover but the takeover is subsequently abandoned by the suitor, any previously capitalized costs should then become deductible.