Tax Write Off - Law Dictionary Search Results
Home Dictionary Name: tax write off Page 1 of about 14 results (0.004 seconds)tax write-off
tax write-off : a tax deduction of an amount of depreciation, expense, or loss [cancelled the debt and took a tax write-off on the loss] ...
write-off
write-off 1 : the elimination of an asset or amount due from the books 2 : tax write-off ...
write-off
write-off 1 : the elimination of an asset or amount due from the books 2 : tax write-off ...
expense
expense : financial burden or outlay ;specif : an item of business outlay chargeable against revenue for a specific period busi·ness expense : an expense made in furtherance of one's business esp. as part of the cost of operating a business in the taxable year in which the expense is incurred compare capital expense and personal expense in this entry NOTE: Business expenses are generally tax deductible in the year the expense is incurred. capital expense : an expense made in a business that will provide a long-term benefit : capital expenditure NOTE: Capital expenses are not tax deductible as business expenses but may be used for depreciation or amortization. mov·ing expense : an expense incurred in changing one's residence that is tax deductible if incurred for business reasons (as when one's job requires relocation) or·di·nary and nec·es·sary expense : an expense that is normal or customary and helpful and appropriate for the operation of a ...
allowance for bad debts
allowance for bad debts Your best guess at how much of your accounts receivable will not be collectable. In other words, your best guess at how much of your accounts receivable will be "bad debts." An "allowance for bad debts" account is kind of like a savings account for bad debts. Your company puts money into it on a periodic basis (usually monthly) as an expense of the company. When you decide that a particular account is not collectable, you tap the allowance for bad debts account to pay for the bad debt. Because you already made the allowance for bad debts, your profit and loss statement will not be out of whack in the particular month that you decide to "write-off" a particular account. Your company's accounting entries to "write off" a $500 account that you have decided is not collectable would look something like this: a debit to your allowance for bad debts account in the amount of $500 and a credit to your accounts receivable account for $500. ...
Intoxicating liquor
Intoxicating liquor, the word 'intoxicating liquor' is not confined to potable liquor alone but would include all liquor which contain alcohol. Liquor should not only cover alcoholic liquor which is generally used for beverage purposes wand produce intoxication but would also include liquids containing alcohol, State of U.P. v. Synthetics and Chemicals Ltd., AIR 1980 SC 614: (1980) 2 SCR 531: (1980) 2 SCC 441. [Constitution of India, List II, 7th Sch., Entry 8]See also Synthetics and Chemicals Ltd. v. State of Uttar Pradesh, (1990) 1 SCC 109.Intoxicating liquors. The sale of intoxicating liquors by retail in England and Wales is now mainly regulated by the Licensing (Consolidation) Act, 1910 (10 Edw. 7 & 1 Geo. 5, c. 24), which repealed (see Sched. VII.) the whole or part of thirteen earlier Acts. The effect of this statute is shortly as follows:-1. Grant of Licence.--Defining 'intoxicating liquor' as meaning 'spirits, wine, beer, porter, cider, perry, and sweets, and any fermented, di...
Solicitor
Solicitor, an officer of the Supreme Court of Judicature, who, and who only, is entitled to 'sue out any writ or process, or commence, carry on, solicit, or defend any action, suit or other proceeding' in any Court whatever (see (English) Solicitors Act, 1932, s. 45). 'Solicitor of the Supreme Court' was the title given by the (English) Judicature Act, 1843, s. 87, to all attorneys, solicitors, and proctors, and continued by (English) Solicitors Act 1932, s. 81. Prior to that Act, 'attorneys' conducted business in the Common Law Courts, 'solicitors' business in the Court of Chancery and 'proctors' ecclesiastical and Admiralty business; but it was the general practice, although any person might be admitted to practise as an attorney or solicitor only, to be admitted to practise as an attorney and solicitor also.Solicitors practise as advocates before magistrates at petty sessions and quarter sessions where there is no bar, in County Courts, at Arbitrations, at Judges' Chambers, Coroners...
Common
Common, a profit which a man has in the land of another; it derives its name from the community of interest which thence arises between the claimant and the owner of the soil, or between the claimant and other commoners entitled to the same right; all which parties are entitled to bring actions for injuries done to their respective interests, and that both as against strangers and against each other. It is called an incorporeal right, which lies in grant, as if originally commencing in some agreement between lords and tenants, for some valuable consideration which, by lapse of time, being formed into a prescription, continues, although there be no deed or instrument in writing which proves the original contract or agreement. It differs from a rent, principally in freedom of enjoyment on the one hand, and in freedom from obligation on the other; which the law expresses by the quaint antithesis that it lies not in render but in prender. It is also incidentally distinguished by its fruits...
Distress
Distress [fr. distringo, Lat., to bind fast; districtio, Med. Lat., whence distraindre, Fr.], a taking, without legal process, of a personal chattel from the possession of a wrong-doer into the hands of a party grieved, as a pledge for the redressing an injury, the performance of a duty, or the satisfaction of a demand.This remedy may be resorted to by a landlord for recovery of rent in arrear, by a rate collector or tax collector for recovery of rates or taxes, and by justices of the peace for the recovery of fines due on summary convictions.A distress may be made of common right for the rent payable by a tenant to a landlord, technically termed 'rent-service,' and by particular reservation, or under s. 121 of the (English) Law of Property Act, 1925, for rent-charges, and also for rents-seck since the (English) Landlord and Tenant Act, 1730 (4 Geo. 2, c. 28), s. 5, which extended the same remedy to rents-seck, rents of assize, and chief-rents, and thereby in effect abolished all mater...
Limitation of actions and prosecutions
Limitation of actions and prosecutions. By various statutes, of which the first was 21 Jac. 1, c. 16, the (English) Limitation Act, 1623, and the principal succeeding ones, the Real Property Limitation Act, 1833 (3 & 4 Will. 4, c. 42), the (English) Civil Procedure Act (3 & 4 Will. 4, c. 27) [see Read v. Price, (1909) 2 KB 724], and 37 & 38 Vict. c. 57, the (English) Real Property Limitation Act, 1874, certain periods are fixed within which, upon the principle Interest reipublic' ut sit finis litium, particular actions must be brought or proceedings taken.In the case of simple contract the remedy on the contract is barred, leaving the creditor free to enforce his claims by other means which may be still available, such as enforcing a lien, subsequent acknowledgment by the debtor or appropriation of payments, but not by way of set-off (9 Geo. 4, c. 14, s. 3). In regard to land, the right to it is destroyed after the statutory period and neither re-entry nor acknowledgment after the laps...
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