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Glossary


Kangaroo court
Term descriptive of a sham legal proceeding in which a person’s rights are totally disregarded and in which the result is a foregone conclusion because of the bias of the court or other tribunal.
Kentucky rule
In the allocation of dividents by trustees as between income and principal, all dividends whether paid in cash or stock are regarded as income through in most jurisdictions accepting this rule a dividend paid in the stock of the issuing corporation is considered principal and brings about an adjustment in the basis of such stock in the portfolio.
Kissing the book
The ceremony of touching the lips to a copy of the Bible, used in administering oaths. It is the external symbol of the witness’ acknowledgement of the obligation of the oath.
Knowingly and willfully
This phrase, in reference to violation of a statute, means consciously and intentionally.