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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Definitions of Terms

Closed‐end fundAn investment company having a fixed number of shares outstanding, which it does not stand ready to redeem. Its shares are traded similarly to those of other public corporations.
Closed‐up fundAn open‐ended investment company that no longer offers its shares for sale to the general public but still stands ready to redeem its outstanding shares.
EqualizationAn accounting method used to prevent a dilution of the continuing shareholders' per share equity in undistributed net investment income caused by the continuous sales and redemptions of capital shares.
Ex‐dividend or ex‐distributionSynonym for shares being traded without dividend or without capital gains distribution. The buyer of a stock selling ex‐dividend does not acquire a right to receive a previously declared but not‐yet‐paid dividend. Dividends are payable on a fixed date to shareholders recorded on the stock transfer books of the disbursing company as of a previous date of record. For example, a dividend may be declared as payable to holders of record on the books of the disbursing company on a given Friday. Because five business days are allowed for delivery of the security in regular‐way transactions on a stock exchange or over‐the‐counter, the exchange or the National Association of Securities Dealers (NASD) declares the stock ex‐dividend as of the opening of the market on the preceding Monday or on one business day earlier for each intervening nontrading day. Therefore, anyone buying ...

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