Write Off - Law Dictionary Search Results
Home Dictionary Name: write offtax 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 ...
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. ...
Passing off
Passing off, in action for passing off pray of actual deception is not necessary two marks bear an ovrall similarity as would be likely to mislead a person usually dealing with one to accept the other if offered to him, it is enough, National Match Works v. S.T. Karuppanna Nadar, AIR 1979 Mad 157.An infringement action is available where there is violation of specific property right acquired under and recognised by the statute. In a passing-off action, however, the plaintiff's right is independent of such a statutory right to a trade mark and is against the conduct of the defendant which leads to or is intended or calculated to lead to deception. Passing-off is said to be a species of unfair trade competition or of actionable unfair trading by which one person, through deception, attempts to obtain an economic benefit of the reputation which another has established for himself in a particular trade or business. The action is regarded as an action for deceit. The tort of passing-off inv...
amortization
amortization The gradual payment of a debt through a schedule of payments or the writing off of an intangible asset against expenses over the period of its useful life ...
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 ...
Lay off
Lay off, s. 2(kkk) of Industrial Disputes Act, 1947 defines a lay off. Lay-off may be due to shortage of coal or shortage of power or shortage of raw materials or accumulation of stocks or break-down of machinery or any other reason, Management of Kairbetta Estate v. Rajamanickam, AIR 1960 SC 893: (1960) 3 SCR 371.It means the failure, refusal or inability of employer on account of contingencies mentioned in clause (kkk) of the Industrial Disputes Act, s. 2 to give employment to a workman whose name is borne on the muster rolls of his industrial establishment. It is merely a fact of temporary unemployment of the workman in the work of the industrial establishment. The principles governing the case of lay-off are very akin to those applicable to a suspension case. When lay-off is found justified workmen may not be awarded any wages or compensation, Workmen of M/s. Firestone Tyre & Rubber Co. of India (P) Ltd. v. Firestone Tyre & Rubber Co., AIR 1976 SC 1775: (1976) 3 SCC 819: (1976) 3 S...
Set-off
Set-off, any counter-balance or cross-claim.A defendant's counter demand against the plaintiff, arising out of transaction independent of plaintiff's claim, Black's Law Dictionary, 7th Edn., p. 1376.The subject of a set-off under the former practice was a cross debt or claim, on which a separate action might be sustained, due to the party defendant from the party plaintiff. It was a defence crated by 2 Geo.2, c. 22, and had no existence at Common Law, and could only be pleaded in respect of mutual debts of a definite character, and did not apply to a claim founded in damages, or in the nature o a penalty, and the debt must have been due in the same right and between the same parties, and not a mere equitable demand. The defendant could not avail himself of a set-off, unless it were specially pleaded, and particulars thereof delivered with the plea.It is now provided by (English) R.S.C. 1883, Ord. XIX., r. 3, that a defendant in an action may set off or set up, by way of counter-claim a...
cut-off date
cut-off date The date that determines whether a preference immigrant visa applicant can be scheduled for an immigrant visa interview in any given month. The cut-off date is the priority date of the first applicant who could not get a visa interview for a given month. Applicants with a priority date before or earlier than the cut-off date can be scheduled. However, if your priority date is later (comes after) the cut-off date, you will need to wait longer, until your priority date is reached (becomes current). To find out whether a preference case is current, see the Visa Bulletin or telephone (202) 663-1541. Source: Department of State. March 2007. ...
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