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LSDefine

Simple English definitions for legal terms

depletion allowance

Read a random definition: community grant

A quick definition of depletion allowance:

Depletion allowance is a tax deduction for people who own things like oil, gas, minerals, or timber. It means they can take a deduction for the reduced value of their property after they remove the resource. It's like getting a discount on their taxes.

A more thorough explanation:

A depletion allowance is a tax deduction given to the owners of natural resources such as oil, gas, minerals, or timber. The deduction corresponds to the reduced value of the property resulting from the removal of the resource.

For example, if a company owns an oil well and extracts oil from it, the value of the well decreases over time. The depletion allowance allows the company to deduct a portion of this decrease in value from their taxable income.

Another example of an allowance is a family allowance. This is a portion of a decedent's estate set aside by law for a surviving spouse, children, or parents, regardless of any testamentary disposition or competing claims. The allowance may be limited for a fixed period or may continue until all contests are resolved and a decree of distribution is entered.

Overall, an allowance is a share or portion of something that is assigned or granted, whether it be money, property, or services.

depletable economic interest | depletion reserve

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Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
Yeah, it’s tough. I’m distracting myself by playing good video games after work :)
im distracting myself by schizo-scrolling r/lawschoolamissions and every conceivable data point on this godforsaken website
it is not working
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
i spend more time on here then anything else trying to rationalize that the waves from last year will match waves for this year (they won't) and that the stats of people with the same stats are indicative of my own (they aren't)
There aren't many people in my stat range so I pretty much know every result in my range after being on here for a few years
9:28
congrats on the 172 bruce
go dawgs fr
9:29
roll tide
do we foresee a fordham election day wave today (i'm delusional)
WorthlessAttractiveZombie
9:31
I think so, Jack
9:31
some people hate him. some people love him, but he a real one: https://youtu.be/w5oEqiVQcF4?t=173
9:32
[kevin oleary]
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
worthless i trust you implicitly you know what it will happen now.
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