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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 ?
The current method of apportioning seats in the House of Representatives of the United States, the so-called "method of equal proportions," does not even aim to make the populations of congressional districts as equal as possible.
The same concept applies in apportioning unrelated-person interest under the asset value method.
The Treasury regulations generally provide three methods for allocating and apportioning section 863(b) income: the 50/50 method, the independent factory price (IFP) method, and the books-and-records method.
Although some tax advisers question the Constitutionality of a single sales factor in apportioning a net-worth tax, the courts, to date, have not provided guidance.
Moreover, the IRS itself has recognized the appropriateness of allocating and apportioning stock losses to the same class of income that a stock gain would have produced, at least in respect of the oil and gas industry.
The state supreme court affirmed the Oregon Tax Court's decision that a company may include gross receipts from its investment securities in the sales factor when apportioning income for corporate excise tax purposes.
Section 864(e) of the Code provides that the taxable income of each member of an affiliated group from sources outside the United States must be determined by allocating and apportioning interest expense for each member as if all members of such group were a single corporation.
Originally, the drafters of the interest allocation rules intended that a taxpayer that elected the fair market value (FMV) method of apportioning interest expense would be required to retain that method.
In contrast, most states have directly or indirectly adopted the UDITPA principle of first bifurcating income into "business" and "nonbusiness" components, and then apportioning only business income to each state in which the corporation is subject to tax while allocating each item of nonbusiness income to a specific state.
The new regulations retain the structure of the prior regulations by apportioning the taxpayer's income from Possession Purchase Sales on the basis of a business activity fraction.
Thus, we understand the thinking that led to the development of the sales and gross income methods of apportioning research expenses as tenuous proxies for identifying the income attributable to the intangible.
The provision regarding apportioning income applies to tax years beginning after 1997.