Definition from Wiktionary, the free dictionary
- Operating or functioning; in force; in play.
Until the new guidelines come out, the old rules are still in effect.
- Actually, practically.
2013 June 22, “T time”, in The Economist, volume 407, number 8841, page 68:
- Yet in “Through a Latte, Darkly”, a new study of how Starbucks has largely avoided paying tax in Britain, Edward Kleinbard […] shows that current tax rules make it easy for all sorts of firms to generate what he calls “stateless income”: […]. In Starbucks’s case, the firm has in effect turned the process of making an expensive cup of coffee into intellectual property.