Extension
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Extension
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
extension
An agreement to defer the time for doing an act or for termination of a lease.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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.
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary