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Offset |
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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) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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. 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. 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. |
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