NEXUS, dependent upon usage, is a. the means of connection between things linked in series; or, b. a connected series or group; or, c. is the sufficient presence within the jurisdiction of a taxing authority. The taxable income of a multistate corporation may be apportioned to a specific state only if the corporation has a sufficient nexus in the state. The nexus for state sales tax requires a physical presence in the state, whereas the nexus for state income tax purposes requires more than just solicitations of sales.
LESSEE is the party to whom the possession of specified property has been conveyed for a period of time in return for rental payments.
FULL DISCLOSURE, generally, is the requirement to disclose all relevant or material facts to a transaction.
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