apportion


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Apportionment

A division. The term may be used in insurance to indicate which policy bears what percentage of a loss. Alternatively, it may be used in the sale of real estate to show the property tax or insurance the buyer and the seller each owe for a year. See also: Apportionment Clause.

apportion

To divide into parts.Co-owners of property may decide to apportion maintenance costs among themselves, according to the percentage of ownership enjoyed by each. Buyers and sellers usually apportion real estate taxes so that the portion earned by local government before closing,but not yet paid because not yet due,will be paid by the seller in the form of a credit against the purchase price.When the property tax bill is later received by the buyer,he or she will pay the entire bill in full, but will have already received the equivalent of reimbursement through the credit at closing.

References in periodicals archive ?
There's something else that Mr Whittaker always says in Huddersfield Coroners' Court, after he's told the family that an inquest doesn't apportion blame.
If all four states have the same tax rate and apportion income the same way using the average of property, payroll and double-weighted sales factors, the total tax would be $80,000.
I never sought to apportion blame for the accident, believing that the inquest will be the appropriate place for the cause of the deaths to be investigated.
Further, while taxpayers have some latitude as to the different apportionment methods that may be used to apportion deductions within classes of gross income, they must ensure that the method chosen is reasonable and reflects, to a reasonably dose extent, the factual relationship between the deduction and the gross income.
Should California apportion gross income and expenses in accordance with the unitary principle while allocating the credits arising from the very same (unitary) expenses to separate members of the unitary group, the unitary business principle will be undermined.
According to IRS guidance, taxpayers that use a particular method to allocate and apportion deductions under Sec.
To apportion the expense but not the related credit is to rob the rules of their logic, exalt form over substance, and undermine the fairness of California's tax system.
If we are to apportion blame, let's make sure we apportion it fairly.
The IRS did not require the taxpayer to apportion the basis between the land and the house; instead, it said no separate basis had to be apportioned to the dwelling (Treasury regulations section 1.
The Court further reasoned that allowing codefendants to seek contribution from other codefendants merely raised the issue of how to apportion damages, rather than recognizing any new duties under 10b-5.
Because most lead emitted in the United States comes from geological sources that differ from Canada's, the variations in isotope ratios can be used to apportion blame.
For tax years beginning after 2005, HB 78, Laws 2005, allows taxpayers to make a five-year irrevocable election to apportion business income using a double-weighted sales factor.