Law Dictionary Definitions

asset dividend.See DIVIDEND.[Blacks Law 8th]

asset-depreciation  range.Tax.  The  IRS’s  range  of  depreciation  lifetimes  allowed  for  assets placed  in  service  between  1970  and  1980  and  for  assets  depreciated  under  the  Modified Accelerated  Cost  Recovery  System  under  the  Tax  Reform  Act  of  1986.  —  Abbr.  ADR.  See ACCELERATED COST RECOVERY SYSTEM. [Cases: Internal Revenue    3476. C.J.S. Internal Revenue §§ 230, 234, 239,…

asset-coverage   test.Accounting.   A   bond-indenture   restriction   that   permits   additional borrowing only if the ratio of assets (typically net tangible assets) to debt (typically long-term debt) does not fall below a specified minimum.[Blacks Law 8th]

asset-based financing.See FINANCING.[Blacks Law 8th]

asset-backed security.See SECURITY.[Blacks Law 8th]

asset  allocation.The  spreading  of  funds  between  different  types  of  investments  with  the intention of decreasing risk and increasing return.[Blacks Law 8th]

asset  acquisition.Acquisition  of  a  corporation  by  purchasing  all  its  assets  directly  from  the corporation  itself,  rather  than  by  purchasing  shares  from  its  shareholders.  —  Also  termed  asset purchase. Cf. SHARE ACQUISI-TION.[Blacks Law 8th]

asset. 1. An item that is owned and has value. 2. (pl.) The entries on a balance sheet showing the items of property owned, including cash, inventory, equipment, real estate, accounts receivable, and goodwill. 3. (pl.) All the property of a person (esp. a bankrupt or deceased person) available for paying debts or for distribution.…

assessor. 1. One who evaluates or makes assessments, esp. for purposes of taxation. — Also termed (specif.) tax assessor. [Cases: Taxation    309, 312. C.J.S. Taxation §§ 455–457, 459–461, 478–480.]  2.  A  person  who  advises  a  judge  or  magistrate  about  scientific  or  technical  matters during           a           trial.           See           MASTER(2).3.ADSESSOR.           —           assessorial (as-<<schwa>>-sor-ee-<<schwa>>l), adj. — assessorship,n.[Blacks Law…

assessment  work.Mining  law.  The  annual  labor  (such  as  improvements)  that  must  be performed  on  an  unpatented  mining  claim  to  continue  to  hold  the  claim.  [Cases:  Mines  and Minerals    23. C.J.S. Mines and Minerals §§ 84, 96.][Blacks Law 8th]