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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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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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