Tax - Charge levied by a governmental unit on income, consumption, wealth, or other basis.

Tax Lien - ENCUMBRANCE placed on property as security for unpaid taxes.

Tax Shelter - Arrangement in which allowable tax deductions or exclusions result in the deferral of tax on income that would otherwise be payable currently.

Tenancy-in-Common - Co-ownership of property. In a valid tenancy-in-common, a deceased co-owner's title passes to his or her heirs without being included in the estate of the deceased co-owner.

Term Loan - Loan for a specified time period.

Total Gain - Excess of the proceeds realized on the sale of either INVENTORY or noninventory goods.

Trade Date - Date when a SECURITY transaction is entered into, to be settled on at a later date. Transactions involving financial instruments are generally accounted for on the trade date.

Treasury Bill - Short-term obligation that bears no INTEREST and is sold at a discount.

Treasury Bond - Long-term obligation that matures more than five years from issuance and bears INTEREST.

Treasury Instruments - Direct financial obligations of the United States government. (See TREASURY BILL; TREASURY BOND; TREASURY NOTE; TREASURY STOCK.)

Treasury Note - Intermediate-term obligation that matures one to five years from issuance and bears INTEREST.

Treasury Stock - Stock reacquired by the issuing company. It may be held indefinitely, retired, issued upon exercise of STOCK OPTIONS or resold.

Troubled Debt Restructuring - Agreement between DEBTOR and CREDITOR which amends the terms of a DEBT that has little chance of being paid in accordance with its contractual terms. The agreement may involve the transfer of ASSETS in full or partial satisfaction of the debt.

Trust - Ancient legal practice where one person (the GRANTOR) transfers the legal title to an ASSET, called the principle or corpus, to another person (the TRUSTEE), with specific instructions about how the corpus is to be managed and disposed.

Trustee - Person who is given legal title to, and management authority over, the property placed in a trust.