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LSDefine

Simple English definitions for legal terms

depletion allowance

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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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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