Novation is the act of replacing a contract with another contractual obligation, requiring the consent of all parties involved.

Appurtenance is a legal term denoting the attachment of a right or property to a more worthy principal. Appurtenance occurs when the attachment becomes part of the property.

Under the kiddie tax, the first $1,350 of a child's 2025 unearned income is tax-free. The next $1,350 is taxed at the child's tax rate. Anything over $2,700 is taxed at their parent's income tax rate.