offsetting legal definition of offsetting. offsetting synonyms by the Free Online Law Dictionary.

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A contrary claim or demand that may cancel or reduce a given claim; a counterclaim. A kind of bookkeeping entry that counters the effect of a previous entry.

offset 1) n. also called a "setoff," the deduction by a debtor from a claim or demand of a debt or obligation. Such an offset is based upon a counterclaim against the party making the original claim. Example: Harry Hardhead makes a claim or files a lawsuit asking for $20,000 from Danny Debtor as the final payment in purchase of a restaurant; as part of his defense Debtor claims an offset of $10,000 for alleged funds owed by Hardhead for repairs Debtor made on property owned by Hardhead, thus reducing the claim of Hardhead to $10,000. 2) v. to counterclaim an alleged debt owed by a claimant to reduce the demand of that claimant. (See: counterclaim, defense, setoff)

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Next, consider whether the net refund may be enhanced by paying off the tax year 2000 deficiency (plus interest) and having the IRS refund the full 1999 overpayment instead of offsetting $10,000,000 to 2000. Payment strategy to reduce interest costs on IRS settlements by Rogers, W. Scott / Tax Executive 1092 was enacted in 1981 to prevent taxpayers from sheltering income by entering into offsetting positions with little or no net economic benefits, disposing of one leg at a loss in the first year, using this loss to offset income from that year and postponing gain recognition on the offsetting position until a later year; for examples of such transactions, see Smith, 78 TC 350 (1982), and Rev. Post-AJCA straddle rules by Dyor, Elizabeth R. / The Tax Adviser By offsetting the high-priced import of a major weapon system, a government can redirect expenditures back into its domestic economy up to [and sometimes exceeding] the value of the offset agreement. The value of military industrial offsets by Lieutenant Colonel William Jones, William E. / DISAM Journal More results

Next, consider whether the net refund may be enhanced by paying off the tax year 2000 deficiency (plus interest) and having the IRS refund the full 1999 overpayment instead of offsetting $10,000,000 to 2000.

Payment strategy to reduce interest costs on IRS settlements by Rogers, W. Scott / Tax Executive

1092 was enacted in 1981 to prevent taxpayers from sheltering income by entering into offsetting positions with little or no net economic benefits, disposing of one leg at a loss in the first year, using this loss to offset income from that year and postponing gain recognition on the offsetting position until a later year; for examples of such transactions, see Smith, 78 TC 350 (1982), and Rev.

Post-AJCA straddle rules by Dyor, Elizabeth R. / The Tax Adviser

By offsetting the high-priced import of a major weapon system, a government can redirect expenditures back into its domestic economy up to [and sometimes exceeding] the value of the offset agreement.

The value of military industrial offsets by Lieutenant Colonel William Jones, William E. / DISAM Journal

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Offset (redirected from offsetting)

Offset
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