Tax benefit rule

Definition - Noun
: a tax rule requiring that if an amount (as of a loss) used as a deduction in a prior taxable year is recovered in a later year it must be included in the gross income for the later year to the extent of the original deduction
If the amount of the loss was not taken as a deduction in the year the loss occurred, the recovered amount is not counted as income.



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Based on Merriam-Webster's Dictionary of Law ©2001.
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intrinsic fraud

fraud (as by the use of false or forged documents, false claims, or perjured testimony) that deceives the trier of fact and results in a judgment in favor of the party perpetrating the fraud


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