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grandfather clause |
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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 How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The estate, however, did not list this property as subject to GSTT, taking the position that such property was transferred under a grandfathered GSTT-exempt trust pursuant to TRA '86 Section 1433(b)(2)(A). Often these shredders are operating on grandfathered permits that also allow the customer to upgrade his shredding system without getting local or state authorities involved in new permits. Plan sponsors also must act by yearend if they wish to terminate grandfathered plans or allow service providers to cancel a deferral election or terminate participation in the plan. |
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