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.
APPORTION is to divide and share out according to a plan.
PURCHASE REQUISITION is a written request for goods to be purchased. It is usually prepared by a department head or manager and sent to a firms purchasing department.
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