Deductible - Law Dictionary Search Results
Home Dictionary Name: deductible Page: 5Abstract of title
Abstract of title. A concise statement, usually prepared for a mortgagee or purchaser of real property, summarising the history of a piece of land including all conveyances interests, lines & encumbrances that reflect title to property, Black's Law Dictionary, 7th Edn., an epitome of the evidence of title to property or power to deal with it.Every purchaser of land or real estate has an implied right to have an abstract of title delivered to him within a reasonable time, Compton v. Bagley, (1892) 1 Ch 313. As to registered land, see the Land Registration Act, 1925, s. 110, and Brickdale and Stewart-Wallace on the Land Registration Act, 1925.An abstract is said to be perfect if it deduces the title from the date fixed by the contract or by statute for its commencement and discloses every incumbrance affecting it, by setting out the material parts of all deeds, wills and other documents, and stating the facts on which it depends: fc. 1 Pres. 42, 207. The statutory period is thirty years,...
credit
credit 1 : recognition see also full faith and credit 2 a : the balance in an account which may be drawn upon and repaid later compare loan b : the use of resources (as money) in the present obtained by the debtor's promise to repay the creditor in the future usually with interest as compensation to the creditor and often secured by a pledge of property or the right to attach the debtor's income in case of a failure to repay see also consumer credit compare debt c : financial reputation [to borrow money on the of the United States "U.S. Constitution art. I"] d : letter of credit 3 a : a deduction from an expense or asset account b : a reduction of an amount otherwise due ;esp : tax credit [a for child-care expenses] compare deduction, exclusion, exemption vt 1 : to supply goods on credit to 2 : to trust in the truth of 3 a : to enter upon the credit side of an account b : to place an amount to the credit of [ his account with ten dollars] ...
defalcation
defalcation [earlier, deduction, lessening, shortcoming, from Medieval Latin defalcatio discounting of debt, from defalcare to cut down, deduct, from Latin de- away from + falc-, falx sickle] 1 : failure to account for or pay over money that has been entrusted to one's care ;also : an instance of such failure compare embezzle, misappropriate NOTE: Defalcation does not necessarily involve culpability or misconduct. 2 : a failure to meet a promise or expectation [the school committee's s did not end with its refusal to submit a desegregation plan "S. L. Lynch"] ...
carryover
carryover : the portion of a deduction (as for a net operating loss) or credit which cannot be taken entirely in a given period and which may be deducted from taxable income of a later period compare carryback ...
Taxable turnover
Taxable turnover, 'taxable turnover' is defined in s. 2(s) of the Rajasthan Sales Tax Act, 1954 to mean that part of the 'turnover' which remains after deducting the aggregate amount of proceeds of certain categories of sales and 'turnover', according to s. 2(t), means 'the aggregate of the amount of sale prices received or receivable by a dealer in respect of the sale or supply of goods...', Hindustan Sugar Mills v. State of Rajasthan, AIR 1978 SC 1496 (1499): (1978) 4 SCC 271: (1979) 1 SCR 276.Means the turnover of all sales or purchases of a dealer during the prescribed period in any year, which remains after deducting thereform,(a) the turnover of sales not subject to tax under this Act,(b) the turnover of goods declared exempt under sub-s. (1) of s. 5 or under a notification under sub-s. (2) of s. 5, and(c) in case of turnover of sales in relation to works contract, the charges towards labour, service and other like charges, and subject to such manner as may be prescribed. [Gujara...
allowance
allowance 1 : an allotted share: as a : a sum granted as a reimbursement or payment for expenses [an to support the deceased's family] [deduction for a moving ] b : a sum granted as a reduction or increase [an for depreciation] 2 : an act of allowing [ of a deduction] ...
abatement
abatement 1 : the act or process of abating or the state of being abated [challenged the of her bequest] [ of a private nuisance by self-help "W. L. Prosser and W. P. Keeton"] 2 : an amount abated : deduction ;esp : a deduction from the full amount of a tax in abatement : subject to termination because of a formal or procedural defect [there shall be no reversal in the Supreme Court…for error in ruling upon matters in abatement "U.S. Code"] ...
adjustment to income
adjustment to income An expense that can be deducted even if the taxpayer does not itemize deductions. ...
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 ...
franchise
franchise [Anglo-French, literally, freedom, liberty, from Middle French, from franchir to free, from Old French franc free] 1 : a special right or privilege granted by the government to an individual, group, or business entity: as a : a right to conduct a business and esp. to be and to exercise the powers of a corporation b : a right granted to a public utility company to provide services and to use public land for that purpose 2 : a constitutional or statutory right ;esp : the right to vote used with the [restricting them in employment, education, the , legal personality, and public accommodation "W. H. Burns"] 3 : a right or license that is granted to an individual or group to market a company's goods or services in a particular territory under the company's trademark, trade name, or service mark and that often involves the use of rules and procedures designed by the company and services (as advertising) and facilities provided by the company in return for fees, royalties, ...
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