Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Passive
adj. Not involving active participation; esp., of or relating to a business enterprise in which an investor does not have immediate control over the activity that produces income.
express private passive trust
A trust in which land is conveyed to or held by one person in trust for another, without any power being expressly or impliedly given to the trustee to take actual possession of the land or exercise any ownership rights over it, except at the beneficiary's direction.
passive activity
Tax. A business activity in which the taxpayer does not materially participate and therefore does not have immediate control over the income. * A typical example is the ownership and rental of real property by someone not in the real-property business.
passive bond
See BOND (3).
passive breach of contract
See BREACH OF CONTRACT.
passive concealment
The act of maintaining silence when one has a duty to speak.
passive debt
See DEBT.
passive duty
See negative duty under DUTY (i).
passive euthanasia
The act of allowing a terminally ill person to die by either with- holding or withdrawing life-sustaining support such as a respirator or feeding tube.
passive income
Income derived from a business activity over which the earner does not participate directly or have immediate control, such as copyright royalties. See PASSIVE ACTIVITY.
passive income.
See INCOME.
passive investment income
See INCOME.
passive investment income.
Investment income that does not involve or require active participation, such as gross receipts from royalties, rental income, dividends, interest, annuities, and gains from the sale or exchange of securities. IRC (26 USCA) ยง 1362(d).
passive loss
A loss, with limited tax deductibility, from an activity in which the taxpayer does not materially participate, from a rental activity, or from a tax-shelter activity.
passive loss.
See Loss.
passive negligence
Negligence resulting from a person's failure or omission in acting, such as failing to remove hazardous conditions from public property. Cf. active negligence.
passive trust
A trust in which the trustee has no duty other than to transfer the property to the beneficiary. - Also termed dry trust; nominal trust; simple trust; naked trust; ministerial trust. Cf. active trust.