Net Sales - Law Dictionary Search Results
Home Dictionary Name: net sales Page: 2loss
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...
reserve
reserve re·served re·serv·ing : to keep back or set apart: as a : to keep (a right, power, or interest) esp. by express declaration [all rights reserved] compare waive b : to defer a determination of (a question of law) [the justices reserved the question because it was not an issue in the case] n 1 : something stored or kept available for future use [an energy company with various unproven oil s] 2 : an act of reserving 3 : money kept in a separate account to meet future liabilities legal reserve : the minimum amount as determined by government standards of the deposits held by a bank or of the assets of a life insurance company required by law to be kept as reserves loss reserve 1 : a reserve allocated by a bank for the purpose of absorbing losses [a loan loss reserve] 2 : an insurance company's reserve representing the discounted value of future payments to be made on losses which may have already occurred policy reserve : an insurance company's reserve r...
surplus
surplus 1 a : an amount that remains when a use or need is satisfied b : an excess of receipts over disbursements c : the value of assets after subtracting liabilities 2 : an excess of the net worth of a corporation over the par value of its capital stock compare undivided profits capital surplus : all surplus other than earned surplus earned surplus : the surplus that remains after deducting losses, distributions to stockholders, and transfers to capital stock accounts paid-in surplus : surplus resulting from the sale of stock at amounts above par ...
Carry over
Carry over, a term used in the Stock Exchange to denote the process of postponing the completion of a contract, either for the purchase or sale of stocks or shares, to a later date than that originally fixed. When this happens the buyer usually pays the seller interest on the capital involved, the seller retaining the stocks or shares till the transaction is ultimately completed. This interest is called a 'contango.' If, on the other hand, the buyer is anxious to pay for and take up to stocks or shares but the seller is unable to deliver, the buyer would not pay interest to the seller, but on the contrary exacts a payment from him, as consideration for postponing the completion of the contract. This payment is called a 'backwardation,' or shortly a 'back.'An income-tax deduction (esp. for a net operating loss) that cannot be taken entirely in a given period but may be taken in a later period (usu. the next five years), Black's Law Dictionary, 7th Edn....
Tea
Tea, means tea plant and includes tea leaves, Goodricke Group Ltd. v. State of West Bengal, 1995 Supp (1) SCC 707. [Tea Act, 1953, s. 3(n)]The Sale of Food (Weights and Measures) Act, 1926 (16 & 17 Geo. 5, c. 63), makes it an offence to sell tea otherwise than by net weight and in multiples of ounces and pounds. Tea was first taxed in 1660 (12 Car. 2, c. 23) as a beverage at 8d. a gallon, and afterwards in the leaf at 5s. per lb. in 1688 (1 W. & M. Sess. 2, c. 6...
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