DIRECT SKIP direct skip. Tax. A generation-skipping transfer of assets, either directly or through a trust. ? A direct skip may be subject to a generation-skipping transfer tax ¡ª either a gift tax or an estate tax. IRC (26 USCA) ¡ì¡ì 2601¨C2602. See GENERATION-SKIPPING TRANSFER; generation-skipping transfer tax under TAX; SKIP PERSON. [Cases: Internal Revenue […]
fixed-rate mortgage A mortgage with an interest rate that remains the same over the life of the mortgage regardless of market conditions. ¡ª Abbr. FRM. How many ways are there to translate fixed-rate mortgage in Chinese?
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ON THE PLEADINGS on the pleadings. (Of a judgment) rendered for reasons that are apparent from the faces of the complaint and answer, without hearing or evaluating the evidence or the substantive arguments. See SUMMARY JUDGMENT. How would a bilingual lawyer translate the term ON THE PLEADINGS into Chinese?
current liability A business liability that will be paid or otherwise discharged with current assets or by creating other current liabilities within the next year (or operating cycle). ¡ª Also termed short-term debt. What is the preferred translation of the term current liability by Chinese lawyers?
DRIVING UNDER THE INFLUENCE driving under the influence. The offense of operating a motor vehicle in a physically or mentally impaired condition, esp. after consuming alcohol or drugs. ? Generally, this is a lesser offense than driving while intoxicated. But in a few jurisdictions the two are synonymous. ¡ª Abbr. DUI. ¡ª Also termed driving
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