{"id":11573,"date":"2017-12-25T23:27:41","date_gmt":"2017-12-25T23:27:41","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=11573"},"modified":"2017-12-25T23:27:41","modified_gmt":"2017-12-25T23:27:41","slug":"deductible-loss-a-taxpayers-loss-that-may-be-deducted-in-computing-net-taxable-income-such-as-losses-as-a-result-of-property-being-destroyed-damaged-confiscated-stolen-abandoned-taken","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=11573","title":{"rendered":"Deductible Loss – a taxpayer\u2019s loss that may be deducted in computing net taxable income, such as losses as a result of property being destroyed, damaged, confiscated, stolen, abandoned, taken by foreclosure, or becoming entirely worthless from other special losses, such as embezzlement or theft, provided the losses are not fully compensated by the insurance or otherwise"},"content":{"rendered":"

deductible loss<\/span>:<\/span>
\n<\/strong>(1905)<\/span><\/p>\n

1.<\/strong> A taxpayer\u2019s loss that may be deducted in computing net taxable income, as when the loss occurred as a result of embezzlement or theft.\u00a0<\/strong> See Alison v. U.S<\/em>., 344 U.S. 167, 170, 73 S.Ct. 191, 192 (1952)<\/strong><\/span>. [1]<\/span><\/p>\n

1. Losses resulting when a taxpayer’s property is destroyed, damaged, confiscated, stolen, abandoned, taken by foreclosure, becomes entirely worthless or suffers other special losses, which a taxpayer is permitted to deduct in computing his net income for tax purposes providing the losses are not fully compensated by the insurance or otherwise.\u00a0 34 Am J2d Fed Tax \u00b6 6500<\/span>.<\/strong> [2]<\/span><\/p>\n

deductible<\/span>:<\/span><\/strong><\/p>\n

1. In tax law, expenses that a taxpayer is permitted to subtract, in whole or in part, in computing her taxable income.\u00a0 EXAMPLES: interest on the mortgages on one’s home; casualty losses; charitable contributions.\u00a0<\/strong> See deduction<\/em>.<\/span><\/p>\n

2. In insurance, portion of a loss that the insured must pay from his own pocket before the insurance company will begin to make payment.\u00a0 USAGE: “Because my policy has a $500 deductible, my insurance company will pay only $2,000 of the $2,500 damage to my car.<\/span>“<\/span><\/strong><\/p>\n

3. That which may be subtracted.<\/strong> [3]<\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is pertinent to people everywhere, and is being utilized in accordance with Fair Use<\/a>.<\/span><\/strong><\/p>\n

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[1]: Black’s Law Dictionary <\/a>Deluxe Tenth Edition<\/a><\/span><\/strong> by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4<\/span><\/strong><\/p>\n

[2]:\u00a0Ballantine\u2019s Law Dictionary\u00a0<\/a><\/span><\/strong>with Pronunciations<\/b><\/span><\/em>
\n<\/span><\/em><\/a>Third Edition<\/a>\u00a0by James A. Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]:\u00a0\u00a0Ballantine’s Law Dictionary <\/a><\/span><\/strong>Legal Assistant Edition<\/a> <\/b><\/span><\/em>by Jack Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Doctored<\/span><\/a><\/strong>\u00a0<\/span><\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

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