Claim of Right


Also found in: Legal, Wikipedia.

Claim of Right

A taxpayer may be able to deduct or, in some cases, claim a credit for amounts the taxpayer is required to repay that the taxpayer included in income in a prior year or years under a claim of right. The term "claim of right" means that, based on the available facts, the taxpayer had an unrestricted right to the income.
Mentioned in ?
References in periodicals archive ?
And surely someone who has signed this Claim of Right should be a member of the SNP and not the Labour Party.
After all he and Alistair Darling have signed the Scottish Claim of Right, where both swore to hold Scotland's interests paramount "in all their actions and deeds".
The claim of right doctrine requires taxpayers who receive disputed income to treat it as taxable income if there are no restrictions on how they can use this money When there are restrictions as when the disputed money is in an escrow account--they pay taxes on the disputed amount only when and if they receive the money
As for the idea that the poor enjoy a claim of right upon rich people who have not abused them, the Torah reads: "You shall neither side with the mighty to do wrong .
Deductions for repayments of amounts included in income under a claim of right must be deductible under some other Code section.
That case disallowed a debt claim of right for two reasons: 1) Debt claims were not recognized in the common law, and 2) claims of right were rejected in the enactment of the 1974 criminal code.
Now that its elites have ceased to be junior partners in the Empire's vestigial trading spoils, the Claim of Right to self-government saturates all fractions of the Scottish polity as never before, and in the same fierce measure as it is denied by the Tory masters of the decaying state to the south, whose absolutist rule over British affairs has been exercised, in the Thatcher-major years, as arrogantly as the royal houses of yore.
Under the terms of the settlement agreement SSL waived any claim of right in the G5 trademarks and the Geo/SQL 3.
The trial court prevented defendant's oral attempts to address his claim of right to substitute counsel.
1341(a) provides income tax relief for taxpayers required to repay an amount previously included in income under a claim of right.
The claim of right doctrine says realization takes place whenever a taxpayer receives an amount without restriction as to how he or she can dispose of it.
1 Derived from the basic proposition that income taxes are determined under an annual accounting system, the claim of right doctrine dictates that amounts received under a claim of right (and without restriction) during a tax year are includable in income without regard to whether the amounts may have to be surrendered in a future tax year.