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Adjustment (law)
According to the law, the term adjustment may appear in varied contexts, as a synonym for terms with unrelated definitions: General Definition Adjust:quoting BALLENTINE'S LAW DICTIONARY Copyright (c) 1969 Lexis Law Publishing, a division of Reed Elsevier, plc. # To settle or to bring to a satisfactory state, so that the parties are agreed in the result; as, to adjust accounts. # When applied to a liquidated demand, the verb "adjust" has the same meaning as the word "settle" in the same connection, and means to pay the demand. When applied to an unliquidated demand, it means to ascertain the amount due or to settle. In the latter connection, to settle means to effect a mutual adjustment between the parties and to agree upon the balance. Common Uses General Debt *Debtor and creditor adjustment: As the term appears in an assignment for the benefit of creditors, "Creditor" means one who has a definite demand against the assignor, or a cause of action capable of adjustment and liqui ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adjustment Clause
In insurance, an adjustment clause in a contract specifies how the amount of a claim (particularly a claim against an insurance company) will be determined for the purposes of a settlement, giving consideration to objections made by the debtor or insurance company, as well as the allegations of the claimant in support of his claim. For example: *In fire insurance, an adjustment clause provides that in the event of loss or damage at any location mentioned in the policy, the amount of insurance in force at that location shall be prorated to the burned and unburned portions of the property. Also known as a ''burned and unburned clause''. *In life insurance, an ''age adjustment clause'' specifies that if the age of the insured has been understated, the amount payable upon his death shall be that amount which the premium charged would have purchased for the insured's correct age. Adjustment of claims is not confined to claims against insurance companies. An allowance made by a credit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Adjuster
A public adjuster is a professional claims handler/claims adjuster who represents the insured/policyholder in their insurance claim. Depending on the state, licensed public adjusters are required to prove competency in a variety of ways; written examination, experience time frames, and background checks. In many states, a public adjuster is a lawful fiduciary under either state or federal jurisdiction (e.g. FEMA) to legally and professionally represent the rights of an insured/policyholder during a insurance claim. The role of a public adjuster is to recover the best possible indemnification for their claims. Individuals may prefer to avoid the stress of claims handling themselves, and choose public adjuster representation to guide them through the process and minimize the time which must be spent to file their claim properly. Public adjusters negotiate with insurance companies/Carriers for an adjustment or settlement. Primarily, public adjusters review the applicable insurance poli ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adjusted Basis
In tax accounting, adjusted basis is the net cost of an asset after adjusting for various tax-related items. Adjusted Basis or Adjusted Tax Basis refers to the original cost or other basis of property, reduced by depreciation deductions and increased by capital expenditures. Example: Brad buys a lot for $100,000. He then erects a retail facility for $600,000, then depreciates the improvements for tax purposes at the rate of $15,000 per year. After three years his adjusted tax basis is $655,000 100,000 + $600,000 - (3 x $15,000) Adjusted basis is one of two variables in the formula used to compute gains and losses when determining gross income for tax purposes. The Amount Realized – Adjusted Basis tells the amount of Realized Gain (if positive) or Realized Loss (if negative). Statutory definition Section 1012 of the Internal Revenue Code defines “basis” as a taxpayer’s cost in acquiring property, except as provided in Sections 1001-1092. Section 1016 then lists 27 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Casualty Loss
A casualty loss is a type of tax loss that is a sudden, unexpected, or unusual event. Damage or loss resulting from progressive deterioration of property through a steadily operating cause would not be a casualty loss. “Other casualty” are events similar to “fire, storm, or shipwreck.” It is generally held that wherever force is applied to property which the owner-taxpayer is either unaware of because of the hidden nature of such application or is powerless to act to prevent the same because of the suddenness thereof or some other disability and damage results. In the United States, tax deductions are allowed for casualty losses under 26 U.S.C. § 165 which allows deductions for losses sustained during the taxable year and not compensated for by insurance or otherwise. Such deductions are limited under 26 U.S.C. § 165(h)(2) to the amount personal casualty losses exceed personal casualty gains plus 10 percent of the adjusted gross income of the individual within the taxabl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adjusted Gross Income
In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income. Gross income is sales price of goods or property, minus cost of the property sold, plus other income. It includes wages, interest, dividends, business income, rental income, and all other types of income. Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (''e.g.'' medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI. Many states base state income tax on AGI with certain deductions. Adjusted gross income is calculated b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equitable Adjustment
An equitable adjustment, in government contracting, is a contract adjustment pursuant to a changes clause, to compensate the contractor expense incurred due to actions of the Government or to compensate the Government for contract reductions. An equitable adjustment includes an allowance for profit; clauses that provide for adjustments, excluding profit, are not considered "equitable adjustments." Variations *A "price adjustment" is a change to the established price of the contract arrived at by mutual agreement between the Government and contractor. *An "adjustment in estimated quantities" is a contract adjustment pursuant to the contract clause on variation in estimated quantities. *A "bilateral modification" is a supplemental agreement on which the Contracting Officer and the contractor have agreed to a price and/or time adjustment. Contrast a "unilateral modification," a modification on which the Contracting Officer and the contractor cannot agree to a price and/or time adjus ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |