Weatherby & Associates, PC

Joint tenancy
A type of concurrent ownership under which each owner owns an undivided interest in the whole property, and when one owner dies, the surviving joint owners suceed to his or her interest.

Leveraged purchase
A purchase of an asset paid for largely with the buyer's debt, rather than for cash.

Limited power of appointment
See "Power of appointment, limited."

Long-term capital gains
See "Capital gains, long-term."

Net gift
A gift as to which the donee agrees to pay the donor's gift tax liability.

Nonrecourse debt
A debt on which the specified security alone may be foreclosed upon to satisfy the debt.

Original issue discount
Under the income tax law, a system under which interest is imputed on a debt instrument that fials to state a total interest equal to the applicable federal interest rate for loans of that term.

Outright gifts
Gifts to an individual not made through a trust.