allowed deduction

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• deduction — de·duc·tion n 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, ex …   Law dictionary

• deduction — [dē duk′shən, diduk′shən] n. [ME deduccioun < L deductio] 1. a deducting or being deducted; subtraction 2. a sum or amount deducted or allowed to be deducted 3. Logic the act or process of deducing; reasoning from the general to the specific,… …   English World dictionary

• deduction — That which is deducted; the part taken away; abatement; as deductions from gross income in arriving at net income for tax purposes. In the civil law, a portion or thing which an heir has a right to take from the mass of the succession before any… …   Black's law dictionary

• deduction — That which is deducted; the part taken away; abatement; as deductions from gross income in arriving at net income for tax purposes. In the civil law, a portion or thing which an heir has a right to take from the mass of the succession before any… …   Black's law dictionary

• Allowed — Allow Al*low , v. t. [imp. & p. p. {Allowed}; p. pr. & vb. n. {Allowing}.] [OE. alouen, OF. alouer, aloer, aluer, F. allouer, fr. LL. allocare to admit as proved, to place, use; confused with OF. aloer, fr. L. allaudare to extol; ad + laudare to… …   The Collaborative International Dictionary of English

• deduction — Reasoning from a known principle; subtraction. An amount allowed a taxpayer in reduction of gross income to determine taxable income. An item to be deducted from the gross estate of a decedent in computing the taxable estate …   Ballentine's law dictionary

• Tax deduction — This article is about the deduction of expenses for the purpose of calculating taxable income. For tax deducted at source, see Withholding tax. Taxation An aspect of fiscal policy …   Wikipedia

• Home mortgage interest deduction — Taxation An aspect of fiscal policy …   Wikipedia

• Public Policy Limitation on Deduction for Business Expenses — Brief Introduction: Deduction for Business Expenses Section 162(a) of the Internal Revenue Code allows for taxpayers to deduct ordinary and necessary expenses paid or incurred in carrying on a trade or business from their gross income. [26 U.S.C …   Wikipedia

• Dividends received deduction — The dividends received deduction[1] (or DRD ), under U.S. federal income tax law, is a tax deduction received by a corporation on the dividends paid to it by other corporations in which it has an ownership stake. Contents 1 History 2 Impact …   Wikipedia

• marital deduction — see deduction Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. marital deduction …   Law dictionary