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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.)

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Transactions that are RTs, but not RATs, remain subject to a 20-percent accuracy-related penalty under the rules of section 6662.
Taxing authorities, courts, the AICPA, and other professional organizations have struggled with defining and regulating tax shelters and abusive, transactions. Crucial to the debate is the difficulty of clearly distinguishing between transactions that are abusive and transactions that are legitimate.
There currently are five categories of reportable transactions that must be disclosed, including listed transactions and transactions of interest--the newest category added by final regulations (TD 9350) issued on August 3, 2007 (revised final regulations).
The Department of Labor issued an updated version of its Voluntary Fiduciary Correction Program in April, adding transactions that can be corrected under the program and expanding the ability to obtain relief from prohibited transactions.
Massey Knakal announced the following transactions:
During the past five years, the Internal Revenue Service has taken steps to combat abusive tax shelters and transactions. The IRS seeks to put a comprehensive strategy in place to (1) identify and deter promoters of abusive tax transactions; (2) publish guidance on transactions and shelters that are determined to be abusive; and (3) promote disclosure by those who market and participate in abusive transactions.
Decisions on incoterms, without the involvement of the transaction tax specialist, could be a financial risk, and failure to use incoterms to help structure tax-efficient international transactions could be an opportunity missed.
Workpapers supporting this evaluation often contain sensitive information about contingent or potential liability for transactions whose tax treatment may not be self-evident.
While electronic commerce offers speed, convenience, and cost advantages over traditional paper-based transactions, it raises many business and legal issues.
Conventional techniques to perform a point in time recovery will remove the effects of all transactions since that specified point in time.

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