"with reference to," used from c. 1700 in legalese, from Latin (in) re "in the matter of," from ablative case of res "property, goods; matter, thing, affair," from Proto-Italic *re-, from PIE *reh-i- "wealth, goods" (source also of Sanskrit rayi- "property, goods," Avestan raii-i- "wealth"). Its use is execrated by Fowler in three different sections of "Modern English Usage."
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