Legal Terms: Q

Acronym for qualified personal residence trust, a specialized grantor trust under IRC Section 2702 that removes a personal residence from the grantor's estate at a discounted gift tax cost.

A deduction under Section 199A allowing eligible taxpayers to deduct up to 20 percent of qualified business income from a pass-through entity.

A 20% deduction from qualified business income of pass-through entities under IRC Section 199A, subject to taxable income thresholds and limitations for specified service trades.

Dividends from U.S. and qualifying foreign corporations that meet a holding period requirement and are taxed at preferential long-term capital gains rates rather than ordinary income rates.

A legal doctrine that protects government officials, including law enforcement officers, from civil liability for constitutional violations unless they violated 'clearly established' statutory or constitutional rights that a reasonable person would have known. Established in Harlow v. Fitzgerald (1982) and frequently debated in excessive force and civil rights cases.

An irrevocable trust to which a grantor transfers a personal residence for a term of years, retaining the right to live there during the term, used to discount the gift's value.

Stock that meets the requirements of IRC Section 1202, allowing non-corporate holders to exclude up to 100% of gain (subject to caps) on sale after a five-year holding period.

Latin for 'as much as deserved.' A legal claim allowing recovery for the reasonable value of services rendered when no contract exists.

A quasi-contract measure of recovery equal to the reasonable value of services rendered, used when no enforceable contract exists.

A quasi-contract measure of recovery equal to the reasonable value of goods delivered, the counterpart to quantum meruit for services.

A legal obligation imposed by a court to prevent unjust enrichment when no formal contract exists between the parties.

An obligation imposed by law to prevent unjust enrichment, also called implied-in-law contract, even where no genuine agreement exists.

Latin for 'something for something.' In employment law, a type of sexual harassment where employment benefits are conditioned on sexual favors.

A form of sexual harassment where employment decisions such as hiring, promotion, or continued employment are conditioned on the employee's submission to unwelcome sexual conduct.

A tenant's right to use and enjoy leased premises without substantial interference from the landlord or third parties claiming superior title.

A court action to establish ownership of real property and remove any adverse claims or clouds on the title.

A deed that transfers whatever interest the grantor has in property without any warranties about the quality of title.

A deed transferring whatever interest the grantor has in a property without making any warranties about the quality of the title.

The minimum number of members required to be present at a meeting for business to be validly transacted.