ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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GRANDFATHERED INVESTMENTS Definition
GRANDFATHERED INVESTMENTS are Municipal bonds and equities acquired on or before August 7,1986, the effective date of changes in tax rates caused by the Tax Reform Act of 1986. These investments are not subject to the 5.1 % property-casualty insurance company proration tax.
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NET, in general, is the figure remaining after all relevant deductions have been made from the starting, or gross, amount.
EX-FACTORY is where a sellers responsibility ends when the buyer at point of origin, i.e., factory, accepts merchandise. This can also be written as Ex-Warehouse, Ex-works, etc.