Definition of DEDUCTION in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms.
Definition of DEDUCTION
That which is deducted; the part taken away; abatement; as a deduction from the yearly rent. Don Lee, Inc., v. United States, D.C. Cal., 42 F.Supp. 884, 885; Pittsburgh Brewing Co. v. Commissioner of Internal Revenue, C.C.A.3, 107 F.2d 155, 156.
In Probate Law
By "deduction" is understood 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.
Taxation
As used in Internal Revenue Code, relating to tax on corporations, "deduction" refers to items which may be subtracted from a corporation's gross income in arriving at net income. McKesson & Robbins v. Walsh, 130 Conn. 460, 35 A.2d 865.
An amount refunded by corporation to federal government under Renegotiation Act as excess profits from war contracts is not a "deduction" from corporation's gross income subject to state taxation, but must be considered in determining corporation's true gross income. Southern Weaving Co. v. Query, 206 S.C. 307, 34 S.E.2d 51, 54.
Trial
Argument of counsel based on the evidence is not improper as unsworn testimony, but is warranted as a "deduction" from the testimony. Texas & P. R. Co. v. Smith, Tex.Civ.App., 115 S. W.2d 1238, 1242.
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That's the definition of DEDUCTION in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms. Courtesy of Cekhukum.com.
