13:15
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LSDefine
Simple English definitions for legal terms
account duty
Read a random definition: IRS
A quick definition of account duty:
Account duty is a legal obligation that someone owes to another person and needs to fulfill. It can be a duty to take action or to refrain from doing something. There are different types of duties, such as contractual duty, duty to act, and fiduciary duty. Duties can also refer to taxes or charges imposed on goods or transactions.A more thorough explanation:
Definition: An inheritance tax payable by a decedent's beneficiary.
Example: When John's father passed away, he inherited his father's estate. As part of the process, John had to pay an account duty to the government.
Explanation: Account duty is a tax that is imposed on the beneficiary of an estate after the death of the owner. In the example, John inherited his father's estate and had to pay the account duty to the government as part of the process of receiving the inheritance. This tax is payable by the beneficiary and is based on the value of the estate that is being inherited.