contingent liability
Defined in 2 dictionaries — Case Law, Black's (1910)
Definitions from Case Law
From 321 U.S. 281 - Security Flour Mills Co. v. Commissioner · 1944Most cited · 1,016 citing opinions
A taxpayer may not accrue an expense the amount of which is unsettled or the liability for which is contingent, and this principle is fully applicable to a tax, liability for which the taxpayer denies, and payment whereof he is contesting.
Black's Law Dictionary
Henry Campbell Black, M.A. · 1910
One which is not now fixed and absolute, but which will become so in case of the occurrence of some future and nncertain event Downer v. Co.rtis, 25 Vt. 650; Bank v. Hingham Mfg. Co.., 127 Mass. 563; Haywood v. Shreve, 44 N. J. Law, 94; Steele v. Graves, 68 Ala. 2l. As to contingent "Damages," "Legacy," "Limitation," "Remainder," "Trust," and "Use," see those titles.
Defined under Contingent in Black's Law Dictionary.