deduction


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 partition takes place. Civil Code La. art. 1358.
- marital deduction
@ itemized deductions
Those expenses which are allowed as deductions from adjusted gross income, itemized in detail under their appropriate captions, and subtracted to arrive at income subject to tax (e.g. taxes, charitable contributions, etc.). I.R.C. No.No. 161-188.
See also deductible
+ itemized deductions
Certain personal expenditures allowed by the Internal Revenue Code as deductions from adjusted gross income if an individual taxpayer chooses not to use the standard deduction and total itemized deductions exceed the standard deduction. Examples include certain medical expenses, interest on home mortgages, state income taxes, and charitable contributions
@
- standard deduction
@ deduction for new
In marine insurance, an allowance or drawback credited to the insurers on the cost of repairing a vessel for damage arising from the perils of the sea insured against. This allowance is usually one third, and is made on the theory that the parts restored with new materials are better in that proportion than they were before the damage
@ deductions in respect of a decedent
Deductions accrued to the point of death but not recognizable on the final income tax return of a decedent because of the method of accounting used. Such items are allowed as deductions on the estate tax return and on the income tax return of the estate or the heir. An example of a deduction in respect of a decedent would be interest expense accrued up to the date of death by a cash basis debtor
@

Black's law dictionary. . 1990.

Synonyms:

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  • déduction — [ dedyksjɔ̃ ] n. f. • 1355; lat. deductio I ♦ Action de soustraire une somme d une autre. ⇒ décompte, défalcation, retranchement, soustraction. Faire la déduction des sommes déjà payées. Déduction faite des arrhes versées. Somme qui entre, vient… …   Encyclopédie Universelle

  • 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 — • An argument or reasoning process, that kind of mediate inference by which from truths already known we advance to a knowledge of other truths necessarily implied in the former; the mental product or result of that process. Also a method, the… …   Catholic encyclopedia

  • deduction — 1 Deduction, abatement, rebate, discount are comparable when they mean an amount subtracted from a gross sum. Deduction is interchangeable with any of the others but not without some loss in precision. An abatement is a deduction from a levied… …   New Dictionary of Synonyms

  • Deduction — Déduction Cette page d’homonymie répertorie les différents sujets et articles partageant un même nom …   Wikipédia en Français

  • Deduction — may refer to: in logic: Deductive reasoning, inference in which the conclusion is of no greater generality than the premises Natural deduction, an approach to proof theory that attempts to provide a formal model of logical reasoning as it… …   Wikipedia

  • Deduction — De*duc tion, n. [L. deductio: cf. F. d[ e]duction.] 1. Act or process of deducing or inferring. [1913 Webster] The deduction of one language from another. Johnson. [1913 Webster] This process, by which from two statements we deduce a third, is… …   The Collaborative International Dictionary of English

  • déduction — DÉDUCTION. s. f. Soustraction. On lui a payé tant en déduction du principal. La succession, déduction faite des frais, monte à telle somme. [b]f♛/b] Il signifie aussi, Narration, énumération en détail. Faire une longue déduction de ses raisons,… …   Dictionnaire de l'Académie Française 1798

  • deduction — Deduction. Soustraction. On luy a payé tant en deduction du principal. Il signifie aussi, Narration, enumeration en detail. Faire une longue deduction de ses raisons …   Dictionnaire de l'Académie française

  • deduction — deduction, deductive The use of logical rules to arrive at a set of premisses from which certain conclusions must follow. Deduction begins with theory , moves to hypotheses derived from the theory, and then tests hypotheses via prediction and… …   Dictionary of sociology

  • deduction — early 15c., action of deducting, from M.Fr. déduction or directly from L. deductionem (nom. deductio), noun of action from pp. stem of deducere (see DEDUCE (Cf. deduce)). Meaning that which is deducted is from 1540s. As a term in logic, from L.L …   Etymology dictionary