What Is a Quid? “Quid” is a slang expression for the British pound sterling, or the British pound (GBP), the currency of the United Kingdom (U.K.). A quid is equal to 100 pence, generally believed to come from the Latin phrase “quid pro quo,” which translates into “something for something,” or an equal exchange for goods
What Is a Quid Pro Quo Contribution? Many nonprofit foundations and organizations rely on charitable donations from corporate sponsors and individuals to meet a large part of their funding needs. These can be solicited in many different forms, from one-off contributions to ongoing sponsorships from businesses in the community. During the holidays, it is not
What Is Quiet Title? Quiet title is a lawsuit filed to establish ownership of real estate when ownership is in question. Real estate owners want to ensure that they have a clear title, meaning that there are no liens or levies against the title and no disputes over the property’s ownership. These possible problems are
What Is a Quiet Title Action? A quiet title action, also known as an action of quiet title, is a circuit court action—or lawsuit—that is filed with the intended purpose to establish or settle the title to a property. Quiet title actions are particularly prevalent in cases where there is a disagreement on the title and
A quitclaim deed releases a person’s interest in a property without stating the nature of the person’s interest or rights, and with no warranties of that person’s interest or rights in the property. A quitclaim deed neither states nor guarantees that the person relinquishing their claim to the property had valid ownership, but it does prevent that
What Is a Quorum? A quorum refers to the minimum acceptable level of individuals with a vested interest in a company needed to make the proceedings of a meeting valid under the corporate charter. This clause or general agreement ensures there is sufficient representation present at meetings before any changes can be made by the
What Is a Qualified Personal Residence Trust (QPRT)? A qualified personal residence trust (QPRT) is a specific type of irrevocable trust that allows its creator to remove a personal home from their estate for the purpose of reducing the amount of gift tax that is incurred when transferring assets to a beneficiary. Qualified personal residence
What Is a Qualified Reservist? A qualified reservist is a member of the military reserve who is not active, but when called to duty, is eligible to make an early withdrawal from a retirement account without incurring the usual early distribution penalty. Under most circumstances, the IRS imposes a penalty of 10% on the taxable amount
What Is a Qualified Trust? A qualified trust is a tax-advantaged fiduciary relationship between an employer and an employee in the form of a stock bonus, pension, or profit-sharing plan. In a qualified trust, the underlying beneficiary may use his or her life expectancy to determine required minimum distribution (RMD) amounts, but other considerations like
What Is a Qualified Widow or Widower? The term qualified widow or widower refers to a tax filing status that allows a surviving spouse to use the married filing jointly tax rates on an individual return. The provision is good for up to two years following the death of the individual’s spouse. The taxpayer must remain unmarried
