Business Deduction - Law Dictionary Search Results
Home Dictionary Name: business deductionbusiness deduction
business deduction see deduction ...
deduction
deduction 1 : an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also Internal Revenue Code in the Important Laws section compare credit, exclusion, exemption busi·ness deduction : a deduction usually taken from gross income that is allowed for losses or expenses attributable to business activities or to activities engaged in for profit charitable deduction : a deduction allowed for a contribution to a charity usually that is qualified under the tax law (as sections 170 and 2055 of the Internal Revenue Code) de·pen·den·cy deduction : a deduction allowed to be taken in a set amount for a qualified dependent (as under sections 151 and 152 of the Internal Revenue Code) itemized deduction : a deduction for a specifically recorded item that is allowed to be taken from adjusted gross income if the total of such deductions exceeds the standard deduction marital deduction 1 : a deduction allowed under th...
Wholly and exclusively for purposes of such business
Wholly and exclusively for purposes of such business, the expenditure of a capital nature is certainly not an expenditure which is deductible for computing profits though it may be an expenditure wholly and exclusively laid out for the purposes of the business etc. If this expenditure is not a capital nature but of a revenue nature it is certainly deductible under this clause. All other expenditure which is not included in (i) or (xiv) or which is not at the very inception deductible as an overriding charges on the whole of the profit-making apparatus will be deductible if it is laid out or expenditure wholly and exclusively for pur-poses of such business, C.I.T. Kerala v. Travancere Sugar and Chemicals Ltd., AIR 1973 SC 982 (986). [Income Tax Act (11 of 1922), s. 10(2) (xv)]...
charitable deduction
charitable deduction see deduction ...
deduct
deduct : to take away (an amount) from a total ;specif : to take as a deduction [must be capitalized…rather than immediately ed "D. Q. Posin"] compare amortize ...
deductible
deductible : allowable as a deduction de·duc·ti·bil·i·ty [-dək-tə-bi-lə-tē] n n : a clause in an insurance policy that relieves the insurer of responsibility for an initial specified loss of the kind insured against ;also : the amount specified in such a clause compare franchise ...
dependency deduction
dependency deduction see deduction ...
itemized deduction
itemized deduction see deduction ...
marital deduction
marital deduction see deduction ...
mortgage interest deduction
mortgage interest deduction the interest cost of a mortgage, which is a tax - deductible expense. The interest reduces the taxable income of taxpayers. Source: U.S. Department of Housing and Urban Development ...
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