Deduction
That which is deducted; the part taken away; abatement; as in deductions from gross income in arriving at net income for tax purposes.
In CIVIL LAW, a portion or thing that an heir has a right to take from the mass of the succession before any partition takes place.
A contribution to a charity can be used as a deduction to reduce income for INCOME TAX purposes if the taxpayer meets the requirements imposed by law.
[The entire page is 113 words long]
Join eNotes
Over 3,500 study guides, question and answer forums, literature criticism, reference content, and much more!
