grandfather clause

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Related to Grandfather rule: grandfather clause, Grandfathered in
Any policy or rule that exempts a group of individuals, organizations, or drugs from meeting new standards or regulations—e.g., when a new subspecialty board in internal medicine is created, the physicians practising in that area may be ‘grandfathered’ into the subspecialty and not required to meet residency or other educational requirements

grandfather clause

Any policy or rule that exempts a group of individuals, organizations, or drugs, from meeting new standards or regulations; eg when a new subspecialty board in internal medicine is created, the physicians practicing in that area may be 'grandfathered' into the subspecialty and not required to meet residency or other educational requirements
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References in periodicals archive ?
Example 2: The facts are the same as in Example 1, except that A elected the special grandfather rule.
The grandfather rules allow certain S corporations to retain fiscal year-ends other than September, October or November.
State law determines whether a lease is extended or renewed; if renewed, the lease is a new lease and does not quahfy under the grandfather rules of Regs.
However, these proposals deal only with the consumer Protection requirements that apply to qualified long-term care insurance contracts and the grandfather rules (under which pre-1997 contracts are treated as qualified long-term care insurance contracts if certain conditions are met).
In addition to the overall effective date, two rules contain built-in grandfather rules because the rules apply only to transactions designed to defeat the regulations -- an intent that could not have been formed before publication of the regulations.
If a taxpayer had an aggregate amount equal to at least $562,500 and wished to apply the grandfather rules, he must have made an election on his 1987 or 1988 individual income tax return.