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surety
(redirected from Accommodation party)

    Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia 0.01 sec.
surety
1. a person who assumes legal responsibility for the fulfilment of another's debt or obligation and himself becomes liable if the other defaults
2. security given against loss or damage or as a guarantee that an obligation will be met
3. stand surety to act as a surety
surety
A person or organization who, for a consideration, promises in writing to make good the debt or default of another.
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In a deferred like-kind exchange, a taxpayer is bound by certain time limits in which to complete an exchange, including the requirement that the replacement property generally must be received within 180 days of the disposition of the relinquished property or, in the case of a reverse exchange, the "parked" property must be transferred to the taxpayer as replacement property within 180 days after the accommodation party acquires title of the parked property; see Sec.
Rulings relax related-party exchange rules by Tran, Stephanie / The Tax Adviser
Among the guidelines for reverse exchanges are: * The accommodation party must hold legal title to the property [during the transaction] and also hold other indicia of ownership that are recognized under commercial law, such as a contract for deed.
IRS blesses reverse exchanges by MILLER, DOUG / Real Estate Weekly
170 charitable contribution deductions and the use of an exempt entity as an accommodation party in a transaction that will shift tax benefits.
Abusive tax transactions involving exempt organizations by Underwood, Joyce M. / The Tax Adviser
 
 
 
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