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 ?
In the recent case of Main Road Property Group Pty Ltd v Pelligra & Sons Pry Ltd [2010] VSC 5 (15 January 2010) [29], Croft J considered it was 'arguable' that the claimed breaches of fiduciary duties were apportionable claims for the purposes of the Wrongs Act, but did not feel it necessary to decide the manet
This section discusses four key issues that arise under CCBT: the definition of taxable and apportionable income, the choice of groups to which FA is to be applied, the choice and definition of apportionment factors, and tax administration.
If the federal government needed to collect $72 billion in apportionable direct tax from the two states to pay the war debts, the total would be apportioned [3.
See supra note 182 (excluding arguably nonunitary income from the apportionable tax base).
Supreme Court has issued several opinions on what is apportionable income or what is not nonbusiness income.
412) In the multiple-defendant toxic tort cases in which the harm is apportionable on the basis of the magnitude of the excess risks that each defendant created, then the doctrine does not apply.
Similarly, the term "non-business income" is changed to "non-apportionable income" and defined as "all income other than apportionable income" (Multistate Tax Compact, Art.
That is, significant complexity exists regardless of whether multi-state taxpayers are required to make the same election choice in multiple states because the complexity arises from different states' eligibility requirements for the election, (229) from different states treatment of section 338(h)(10) gain from the deemed asset sale as apportionable business income or allocable nonbusiness income, (230) and from different states' treatment of section 338(h)(10) gain for purposes of determining their formulary apportionment factors.
However, if a plaintiff has been awarded damages against one tortfeasor for an apportionable part of the relevant harm, the amending act allows that plaintiff to commence other proceeding against a joint tortfeasor in respect of the harm caused by that person.
States also use the unitary business concept to determine the apportionable amount of taxable business income for a corporation conducting an interstate business.
i) all income that is apportionable under the Constitution of the United States and is not allocated under the laws of this state, including: (A) income arising from transactions and activity in the regular course of the taxpayer's trade or business, and (B) income arising from tangible and intangible property if the acquisition, management, employment, development, or disposition of the property is or was related to the operation of the taxpayer's trade or business.