Net Income - Law Dictionary Search Results
Home Dictionary Name: net income Page: 2Current account transaction
Current account transaction, means a transaction other than a capital account transaction and without prejudice to the generality of the foregoing such transaction includes--(i) payments due in connection with foreign trade, other current business, services, and short-term banking and credit facilities in the ordinary course of business,(ii) payments due as interest on loans and as net income from investments,(iii) remittances for living expenses of parents, spouse and children residing abroad, and(iv) expenses in connection with foreign travel, education and medical care of parents, spouse and children. [Foreign Exchange Management Act, 1999 (42 of 1999), s. 2 (j)]...
net worth method
net worth method : a method used by the Internal Revenue Service to detect and calculate tax evasion in which the change in a taxpayer's net worth is compared to reported taxable income taking into account living expenses, allowable deductions and exemptions, and nontaxable income ...
net profit after taxes
net profit after taxes A company's net profit before taxes, minus federal, state or local income or franchise taxes ...
loss
loss 1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or services) exceeds the selling price compare profit c : something unintentionally destroyed or placed beyond recovery d : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations. actual loss : the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event actual total loss : a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constru...
listing
listing 1 : an arrangement, agreement, or contract for the marketing of real property through one or more real estate agents usually for a specific period called also listing agreement exclusive agency listing : a listing under which only one agent may sell the property but without the right to a commission if the owner sells it directly NOTE: An agent is usually still entitled to a commission if the owner sells directly to a buyer who was introduced into the process by the agent, even if the sale occurs after the agreement expires. exclusive right to sell listing : a listing under which only one agent may sell the property and is entitled to a commission if the owner sells it directly to any party multiple listing : an agreement or arrangement under which real property is marketed through a service or association composed of several agents with a commission from the sale of a property shared between the selling agent and the agent that initiates the listing of it net listing ...
lease
lease [Anglo-French les, from lesser to grant by lease, from Old French laisser to let go, from Latin laxare to loosen, from laxus slack] 1 a : a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment of it for a specified rent and a specified term after which the property reverts to the owner ;also : the act of such conveyance or the term for which it is made see also sublease compare easement, license security interest at interest, tenancy NOTE: Article 2A of the Uniform Commercial Code, which governs leases where adopted, defines lease as “a transfer of the right to possession and use of goods for a term in return for consideration.” build·ing lease : ground lease in this entry consumer lease : a lease made by a lessor regularly engaged in the selling or leasing of a product to a lessee who is leasing the product primarily for his or her personal or household use finance lease : a lease in which the lessor acquires g...
Belong
Belong, the expression 'belong' has been defined as follows in the Oxford English Dictionary, 'To be the property or rightful possession of'.Mere possession, or joint possession, unaccompanied by the right to, or ownership of property would therefore not bring the property within the definition of 'net wealth' for it would not then be an aset 'belonging' to the assessee, C.W.T. v. Bishwanath Chatterjee, (1976) 3 SCC 385: AIR 1976 SC 1492 (1494). [Wealth-tax Act, 1957 s. 3 and 2(m)]The word 'belong', necessarily does not reflect title to the property in the sense of ownership. It only denotes connection with property and is a term connecting a person with his possession, Surinder Kaur v. Madan Gopal Singh, AIR 1980 P&H 334....
carryback
carryback : the portion of an income tax 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 prior period compare carryover ...
means test
means test Section 707(b)(2) of the Bankruptcy Code applies a "means test" to determine whether an individual debtor's chapter 7 filing is presumed to be an abuse of the Bankruptcy Code requiring dismissal or conversion of the case (generally to chapter 13). Abuse is presumed if the debtor's aggregate current monthly income (see definition above) over 5 years, net of certain statutorily allowed expenses, is more than (i) $10,000, or (ii) 25% of the debtor's nonpriority unsecured debt, as long as that amount is at least $6,000. The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income. Source: Administrative Office of the U.S. Courts ...
Rack rent
Rack rent, means 'of or approaching the full annual value of the property' out of which it ensues. It means gross rent and not net rent, Lakhanshi Hiralal & Co. v. Damji Khimji & Co., 1969 Bom 73: (1968) ILR Bom 855: (1968) 70 Bom LR 394: (1968) Mah LJ 835....
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