T
 

tangible asset
An asset that physically exists, such as land, buildings, equipment, etc.
See also intangible asset.


tax-deferred exchange
See Section 1031.


tax-free exchange (like-kind exchange)
See Section 1031.


tax lien
A recorded claim by the government for taxes levied but not yet paid.


T-bill
A security issued by the U.S. Government with a maturity of less than one year. T-bills are sold at a discount from par, and therefore, do not bear a fixed interest rate. Treasury bonds mature in more than ten years from their issue date. Treasury notes mature in more than a year, but not more than ten years from their issue date.


tenant in common
A form of holding title to property with others. If you own property as tenants in common with others, upon your death, your interest in the property is transferred by the terms of your will. Your interest does not go automatically to the other joint owners.
See also joint tenancy.


term insurance
A form of life insurance having no cash surrender value and no investment component (no loan value). Term insurance provides insurance protection for a specified period of time and can often be purchased with a renewal provision.


testamentary trust
A trust established by your will that goes into effect at the time of your death.


testator (testatrix)
The person who makes a will, a testament.


title insurance
A policy issued by a land title company insuring against loss caused by a defect in the title to real estate.


transfer agent
A company that issues the stock certificates for a corporation. They maintain the records of shareholders and may issue the dividend checks.


Treasury bill, bond, note
See T-bill.


trial balance (accounting)
In accounting, a workpaper used to list all the debit and credit balances in the general ledger and to determine that the total debits equal the total credits (the result of double-entry accounting).


trust
A legal entity set up by a person to hold assets generally for the benefit of another person or persons. A trust is administered by an appointed trustee.


trustee
A person or institution that administers a trust according to the terms of the trust agreement.


trust deed
See deed of trust.
 

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