ABNORMAL LOSS Definition

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ABNORMAL LOSS see NORMAL LOSS.

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PIERCING THE CORPORATE VEIL is a legal concept through which a corporations shareholders, who generally are shielded from liability for the corporations activities, can be held responsible for certain actions.

LINE OF CREDIT is an agreement whereby a financial institution promises to lend up to a certain amount without the need to file another loan application. The borrower is required to reduce the debt whenever the limit of the full amount of credit has been reached.

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