17:50
@HeadyInvincibleRabbit: Sorry fren. Try to keep ur chin up and be patient (as tough as that sounds). Also, did you receive an LSAC conformation email ensuring your apps were sent?
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Simple English definitions for legal terms
investment indebtedness
Read a random definition: prize money
A quick definition of investment indebtedness:
Investment indebtedness refers to the money that someone borrows to buy things that can make them money. This could be things like stocks, real estate, or a business. However, the government only allows a certain amount of the interest on this debt to be tax deductible.
A more thorough explanation:
Investment indebtedness is a type of debt that a taxpayer takes on to acquire or carry assets that may produce income. This debt is usually incurred for the purpose of making investments that will generate a return in the future.
For example, if a person takes out a loan to buy stocks or real estate, the interest on that loan may be considered investment indebtedness. The Internal Revenue Code limits the amount of deductible interest on this type of debt, which means that taxpayers may not be able to deduct all of the interest they pay on their investment loans from their taxable income.
Another example of investment indebtedness is a margin loan, which is a loan that investors take out to buy securities. The interest on a margin loan is considered investment indebtedness because it is incurred to acquire assets that may produce income.
Overall, investment indebtedness is a way for taxpayers to finance their investments and potentially earn a return on their money. However, it is important to understand the tax implications of this type of debt and to make sure that the interest payments are deductible according to the Internal Revenue Code.