deduction for new

deduction for new
A deduction of one third from the whole amount of the cost of repairing a ship, in computing the amount to be paid the insured under a marine insurance policy. Orrok v Commonwealth Ins. Co. 38 Mass (21 Pick) 456, 469; 29A Am J Rev ed Ins § 1567.

Ballentine's law dictionary. . 1998.

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  • 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

  • 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

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  • new — As an element in numerous compound terms and phrases of the law, this word may denote novelty, or the condition of being previously unknown or of recent or fresh origin, but ordinarily it is a purely relative term and is employed in contrasting… …   Black's law dictionary

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