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 ?
If a taxpayer is permitted to treat nondomestic production gross receipts as DPGR, pursuant to a safe-harbor or de minimis rule provided in Notice 2005-14, deductions related to those gross receipts must be allocated or apportioned to DPGR.
Besides facing a greater state tax burden, more of their liability is apportioned to foreign source income, due to the presumption above.
Out of the given amount, Rs180bn have been apportioned to five large banks, Rs69.
They must weigh these activities against the state tax laws in their residence/domicile to minimize effectively the amount of income apportioned and allocated to states with high marginal tax rates.
Specifically, the proposed regulations reject the notion that all charitable contributions should be ratably apportioned and set forth special rules for the allocation of charitable contribution deductions solely to U.
The Company expects part of the recently announced increase in manufacturing capacity (See news release dated December 9, 2003) to be apportioned to the anticipated growth in demand for its sterol products once the pending labeling regulations and product approvals are in place.
Previously, INR Rs 31 billion were being apportioned by the government on account of grants for Pakistan Railways to meet its losses and Rs 22.
After allocating gross income to the proper baskets, deductions and taxes must be allocated and apportioned to gross income to arrive at E&P for each FTC basket.
The Department reasoned that, if it sought to more fairly apportion a corporate taxpayer's foreign dividend income, then the resulting income apportioned to New Mexico would be only that income earned in New Mexico; therefore, the discrimination problem would be cured.
The settlement, which the lawyers said would probably be apportioned on the basis of the manufacturers' market shares, may set records, starting with $600 million in payments to 40,000 independent pharmacies.
Press reports have indicated that the jury apportioned 5 percent of the damages to MBIA.