Personal Exemption Deduction - Law Dictionary Search Results

Home Dictionary Name: personal exemption deduction

personal exemption deduction

personal exemption deduction see 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...

Tax return

Tax return, means an income-tax form on which a person or entity reports income, deductions, and exemptions, and on which tax liability is calculated, Black's Law Dictionary, 7th Edn., p. 1475....

trust

trust 1 a : a fiduciary relationship in which one party holds legal title to another's property for the benefit of a party who holds equitable title to the property b : an entity resulting from the establishment of such a relationship see also beneficiary, cestui que trust, corpus declaration of trust at declaration, principal, settlor NOTE: Trusts developed out of the old English use. The traditional requirements of a trust are a named beneficiary and trustee (who may be the settlor), an identified res, or property, to be transferred to the trustee and constitute the principal of the trust, and delivery of the res to the trustee with the intent to create a trust. Not all relationships labeled as trusts have all of these characteristics, however. Trusts are often created for their advantageous tax treatment. accumulation trust : a trust in which principal and income are allowed to accumulate rather than being paid out NOTE: Accumulation trusts are disfavored and often restricted...

Salary

Salary, a recompense or consideration generally periodically made to a person for his service in another person's business; also wages, stipend, or annual allowance. See RECEIPT.An agreed compensation for services esp. pro-fessional or some professional services usu. paid at regular intervals on yearly basis, as distinguished from an hourly basis, Black's Law Dictionary, 7th Edn., p. 1337.The ancients derive the word from sal, salt (Plin. H.N. xxxi. 42)--the most necessary thing to support human life being thus mentioned as a representative of all others.The word 'salary' as used in clause (h) of s. 60 is meant to be confined to the emoluments of labourers and domestic servants. It makes a distinction between salary and the wages of labourers and domestic servants, Raghunandan Sahai v. Jaigobind Sahay, AIR 1942 Pat 194.The word 'salary' as used in proviso (1) to s. 60, Civil Procedure Code must be construed as meaning the total monthly emoluments to which a public servant is entitled, ...

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