GRANDFATHERED INVESTMENTS Definition

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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.

Learn new Accounting Terms

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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