Loss

Definition - Noun
1  : physical, emotional, or esp. economic harm or damage sustained: as
a  : decrease in value, capital, or amount
compare gain
b  : an amount by which the cost of something (as goods or services) exceeds the selling price
compare profit
c  : something unintentionally destroyed or placed beyond recovery
d  : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy
As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations.



Search Legal Dictionary


Based on Merriam-Webster's Dictionary of Law ©2001.
Merriam-Webster, Incorporated
Published under license with Merriam-Webster, Incorporated.
http://www.m-w.com		 Merriam-Webster

collateral estoppel

estoppel by judgment barring the relitigation of issues litigated by the same parties on a different cause of action


Terms & Conditions   Privacy   Copyright © 2008 LexisNexis, a division of Reed Elsevier Inc. All rights reserved.