Extension

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Extension

Voluntary arrangements to restructure a firm's debt, under which the payment date is postponed.

Extension

1. In options, the expiration date. Occasionally the parties to an option contract will agree to extend the expiration to a certain date in the future.

2. In taxes, the day that one must file one's return if one asked the tax agency for more time to do it. For example, in the United States the deadline to file tax returns is 15 April. If a taxpayer is unable to make this deadline, he/she may ask the IRS for an extension until 15 October. In this case, 15 October is the extension date.

3. In an offer for bids on a contract, the date to which a deadline is lengthened. If there is either a lack of interest or no good bids on a contract, the company or government offering it may extend the deadline to allow other companies to decide whether to make a bid. This second deadline is the extension date.

extension

An agreement to defer the time for doing an act or for termination of a lease.

Extension

A provision thta allows additional time to perform an act required by the tax law or by regulation. The term is used most often when referring to an extension to file the tax return, but it also applies to extensions for making available elections.
References in periodicals archive ?
Standing in the blackened shell of what was her son's room, the 40-year-old urged people to take care with extension leads.
Ensure cables or extension leads are not left out where they can be tripped over or grabbed.
2 million people admitting to having plugged 10 or more electrical items into one wall socket simultaneously, including appliances plugged into extension leads that are connected to a single socket.
Should the fridge, shared by as many as five other students be not big enough, I have to purchase myself an additional one, likewise desk lamps, extension leads and bathroom items not supplied by the landlord.
Meanwhile, Station Officer Dave Morris, of Cefn Fforest fire station, said people should be aware of the dangers of extension leads
Multi-socket adapters and extension leads offer a partial solution, but they are not really suitable for long-term use.
Staff at Middlesbrough Station raised the alarm after noticing two men taking the yellow extension leads, which are known to be used by contractors, out of the station in the wheelbarrow on Monday just before 8am.
North Wales Fire Service's Paul Jenkinson said: "This fire appears to have been started by overheated cables in a coiled extension lead - extension leads coiled up act as a heating element and have a tendency to catch fire.
A spokesman advised the public to fully unwind extension leads, turn them off at the main socket and unplug them.