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Simple English definitions for legal terms

look-through principle

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A quick definition of look-through principle:

The look-through principle is a rule used in taxes to figure out who really owns a piece of property. Instead of just looking at the person or company who legally owns the property, we look at who actually benefits from it. This helps make sure that everyone who should pay taxes on the property does so fairly.

A more thorough explanation:

The look-through principle is a tax doctrine that is used to allocate transfer-gains taxes on real estate. This principle involves looking beyond the legal title holder of a property to identify the beneficial owners of the property.

Let's say that a company owns a piece of real estate, but the company is actually owned by several individuals. Under the look-through principle, the transfer-gains taxes on the property would be allocated to the individual owners, rather than the company itself.

Another example would be if a trust owns a property, but the beneficiaries of the trust are the true owners. The look-through principle would allocate the transfer-gains taxes to the beneficiaries, rather than the trust.

These examples illustrate how the look-through principle is used to ensure that the true owners of a property are responsible for paying transfer-gains taxes, rather than the legal entity that holds the title to the property.

lookout | loophole

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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