What CLAIM OF RIGHT means: A taxpayer may be able to deduct or, in some cases, claim a credit for amounts the taxpayer is required to repay that the taxpayer included in income in a prior year or years under a claim of right. The term "claim of right" means that, based on the available facts, the taxpayer had an unrestricted right to the income.
- Definition Cost Depletion:
- Dictionary recovering the taxpayer's investment in natural resources or timber. The cost is recovered proportionately as the resource is extracted or the timber harvested. Also see "Percentage claim of right definition.
- Definition Change In Accounting Method:
- Dictionary A change from one accounting method to another, which usually requires prior approval from the IRS. A change generally requires adjustments to avoid omissions or duplications claim of right explain.
- Definition Child Support Payments:
- Dictionary to a court order, divorce decree, or other legal obligation for the support of a taxpayer's child. Payments for child support do not constitute alimony and are not includible in gross income by claim of right what is.
- Definition Cost Or Market, Whichever Is Lower:
- Dictionary in reference to inventory valuations. Most taxpayers prefer to use "cost or market, whichever is lower" as a basis for valuing their inventories because this method affords an opportunity claim of right meaning.
How works Claim of Right meaning in Tax definitions C .
