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illiquid - In the context of finance. absence of cash flow needed to fulfill financial debts and meet obligations. In the context of investments, describes a lightly traded investment such as a stock or bond that is not easily converted into cash.
impaired credit - Result of a borrower's reduced credit rating.
implicit bankruptcy costs - Opportunity costs incurred prior to the bankruptcy
process such as the loss of sales or financing.
income property - Real estate purchased for the reasons of income generation.
income tax - A state or federal government's levy on individuals as personal
income tax and on the earnings of corporations as corporate income tax.
indemnify - To guarantee against
any loss which another might suffer. In bankruptcy, it is used
to describe the undertaking of one spouse in a divorce to assume
certain debts of the marriage and to see that the other spouse
is not forced to pay. Also called a "hold harmless" clause.
itemized deduction - Specific deductions allowed by the IRS outlined
in the tax return.
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