deduction :: legal definition
Deduction - n. an expenditure which an income tax payer may subtract from gross (total) income to determine taxable income. This is not the same as an exemption, which is for one's marital status, age over 65, blindness and number of dependents (e.g. children), which, added together, reduce the tax owed.
Related Law Terms
adjusted basis :: n. in accounting, the original cost of an asset ad ... s taxes. See also: basis income taxbad debt :: n. an uncollectible debt. The problem is to determ ... ust no income on which to be taxed.
child support :: n. court-ordered funds to be paid by one parent to ... ild custody divorce spousal support
exemption :: n. 1) in income taxation, a credit given for each ... l children or is a college student.
gross income :: n. in calculating income tax, the income of an ind ... in net income. See also: income tax
income :: n. money, goods or other economic benefit received ... ernment and most state governments.
income tax :: n. a tax on an individual's net income, after dedu ... al government. See also: income tax
recapture :: n. in income tax, the requirement that upon sale o ... capital gains. See also: income tax
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
Popular Law Searches
legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.
Other Law Terms - D
D.A. :: n. slang for District Attorney. ... n. slang for District Attorney.d.b.a. :: n. short for "doing business as," when a person or ... that is registered with the state.
D.U.I. :: n. short for driving under the influence of alcoho ... ing under the influence of alcohol.
D.W.I. :: n. 1) short for driving while intoxicated. 2) abbr ... for dying without issue (children).
damages :: n. the amount of money which a plaintiff (the pers ... liquidated damages special damages
dangerous :: adj. unsafe, hazardous, fraught with risk. It can ... eapon's range. See also: negligence
dangerous weapon :: n. any gun, knife, sword, crossbow, slingshot or o ... igence and possibly win a judgment.
date rape :: n. forcible sexual intercourse by a male acquainta ... physical resistance. See also: rape
day in court :: n. popular term for everyone's opportunity to brin ... rt to protest his speeding ticket."
de facto :: adj. Latin for "in fact." Often used in place of " ... ave not been met. See also: de jure
de facto corporation :: n. a company which operates as if it were a corpor ... also: de facto de jure ultra vires
de jure :: adj. Latin for "lawful," as distinguished from de ... also: de facto de jure corporation
de jure corporation :: n. a corporation in good standing under the law, a ... also: de facto corporation de jure
de minimis :: adj. (dee-minnie-miss) Latin for "of minimum impor ... deal, a $10 mistake is de minimis.
de novo :: adj. Latin for "anew," which means starting over, ... n, de novo. See also: trial de novo
deadly weapon :: n. any weapon which can kill. This includes not on ... See also: assault dangerous weapon
dealer :: n. anyone who buys goods or property for the purpo ... ins taxes by buying other property.
death penalty :: n. the sentence of execution for murder and some o ... rder and some other capital crimes.
death row :: n. nickname for that portion of a prison in which ... o: capital punishment death penalty
debenture :: n. a form of bond certificate issued by a corporat ... n shares of stock or general bonds.