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LSDefine

Simple English definitions for legal terms

depletion allowance

Read a random definition: to-have-and-to-hold clause

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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General

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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