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The sum that remains following all permissible deductions, including charges, expenses, discounts, commissions, or taxes.

Net assets, for example, are what remain after an individual subtracts the amount owed to creditors from his or her assets. Net pay is the salary an individual actually receives after deductions such as Income Tax and Social Security payments.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.


n., adj. the amount of money or value remaining after all costs, losses, taxes, depreciation of value, and other expenses and deductions have been paid and/or subtracted. Thus the term is used in net profit, net income, net loss, net worth, or net estate.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
Over the Row Netting: The traditional netting used in the United States drapes over a row of vines or multiple rows, depending on the width of the netting.
Specifically, the procedure provides that the interest netting is not available in respect of any period during which interest was not "allowable" or "payable" by law; an example of this disallowance is the 45-day interest-free period the government has after a return is filed in which to issue a refund of taxes paid.
To strengthen the provisions of the Bankruptcy Code and the FDIA that protect the enforceability of termination and close-out netting and related provisions of certain financial agreements and transactions.
The preamble indicates that the Service rejected comments requesting that netting of PINAs be done on a prospective basis.
Multilateral Netting When three or more institutions participate in a clearing and settlement arrangement with netting, the arrangement is called multilateral netting.
Determining net financing inflows by subtracting the beginning balance in notes payable from the ending balance would result in the statement of cash flows inappropriately netting cash receipts and payments.
(3) Global interest netting should apply only to tax years that are not barred by statute.
The operations of the New York Clearing House Interbank Payments System, also known as CHIPS, demonstrates the ability of netting to reduce systemic risk.
In either case, netting requirs someone who knows the positions of all units to coordinae the payments.
The following definitions of terms may help clarify the differences between the IRS's current practices and the "global" interest netting that is necessary to prevent inequities caused by the interest rate differential:
Consequently, we opposed the interest rate differential when it was enacted in 1986, and were pleased when Congress signaled its desire to ameliorate the differential's unfairness by calling on the Internal Revenue Service to issue regulations providing for the netting of tax underpayments and overpayments.
TEI believes that statement should be reaffirmed and built upon in developing the comprehensive netting procedures that Congress has instructed the IRS, on three separate occasions, to implement.