Legal Dictionary of Pakistan

Administrative expense

see general and administrative expense.

Expense

n. An expenditure of .. labor, or resources to accomplish a result; esi, a business expenditure chargeable against reve nue for a specific period. - expense, vb. C', COST (1).

accrued dividend. See accumulated dividend under DIVIDEND. accrued expense. See EXPENSE.

accrued expense

an expense incurred but not yet paid.

administration expense.

Tax. A necessary expenditure made by an administrator in managing and distributing an estate. 0 These expenses are deductible even if not actually incurred by the time the return is filed.

administrative expense.

OVERHEAD. 2. Bankruptcy. A cost incurred by the debtor, after filing a bankruptcy petition, that is necessary for the debtor to continue operating its business. Administrative expenses are entitled to payment on a priority basis when the estate is distributed. 11 USCA § 503(b). See general administrative expense under EXPENSE.

business expense

An expense incurred to operate and promote a business; esp., an expenditure made to further the business in the taxable year in which the expense is incurred. Most business expenses - unlike personal expenses - are tax-deductible.

capital expense

See EXPENSE.

capital expense.

An expense made by a business to provide a long-term benefit; a capital expenditure. ( A capital expense is not deductible, but it can be used for depreciation or amortization.

capitalized expense

An amortized expense. current expense. See operating expense.

current expense

See operating expense under EXPENSE.

deferred expense

See EXPENSE.

educational expense

A deductible expense incurred either to maintain or improve an existing job skill or to meet a legally imposed job requirement.

enacted to punish polygamy. 48 USCA § 1480a. - Sometimes shortened to Edmunds Act. educational expense.

See EXPENSE

entertainment expense

An expense incurred while providing entertainment relating directly to or associated with a business purpose. ( Entertainment expenses are partially tax-deductible.

expense loading

See LOADING.

expense ratio

Accounting. The proportion or ratio of expenses to income.

expense stop

A lease provision establishing the maximum expenses to be paid by the landlord, beyond which the tenant must bear all remaining expenses.

expenses of administration

Expenses incurred by a decedent's representatives in administering the estate.

expenses of receivership

Expenses incurred by a receiver in conducting the business, including rent and fees incurred by the receiver's counsel and by any master, appraiser, and auditor.

extraordinary expense

An unusual or infrequent expense, such as a write-off of goodwill or a large judgment. ( As used in a constitutional provision authorizing a state to incur extraordinary expenses, the term denotes an expense for the general welfare compelled by an unforeseen condition such as a natural disaster or war. fixed expense. See fixed cost under COST.

family-expense statute

1. A state law that permits a charge against the property of aspouse for family debts such as rent, food, clothing, and tuition. 2. A federal tax-code provision providing that a person may not deduct expenses incurred for family, living, or personal purposes. IRC (26 USCA) § 262.

fixed expense

See fixed cost under COST.

funeral expense

See EXPENSE.

funeral expense.

An expense necessarily and reasonably incurred in procuring the burial, cremation, or other disposition of a corpse, including the funeral or other ceremonial rite, a coffin and vault, a monument or tombstone, a burial plot and its care, and a wake.

general administrative expense

See EXPENSE.

general expense

See general administrative expense under EXPENSE.

medical expense

1. An expense for medical treatment or healthcare, such as drug costs and health-insurance premiums. ( Medical expenses are tax-deductible to the extent that the amounts (less insurance reimbursements) exceed a certain percentage of adjusted gross income. 2. (usu. pl.) In civil litigation, any one of many possible medical costs that the plaintiff has sustained because of the defendant's allegedly wrongful act, including charges for visits to physicians' offices, medical procedures, hospital bills, medicine, and recuperative therapy. - Often shortened (in pl.) to medicals.

moving expense

See EXPENSE.

office expense.

See OVERHEAD.

operating expense

See EXPENSE,

ordinary and necessary business expense

See ordinary and necessary expense under EXPENSE.

ordinary and necessary expense

An expense that is normal or usual and helpful or appropriate for the operation of a particular trade or business and that is paid or incurred during the taxable year. ( Ordinary and necessary expenses are tax-deductible. - Also termed ordinary and necessary business expense.

organizational expense

See EXPENSE.

out-of-pocket expense

See EXPENSE.

prepaid expense

An expense (such as rent, interest, or insurance) that is paid before the due date or before a service is rendered.

travel expense

See EXPENSE.

travel expense.

An expense (such as for meals, lodging, and transportation) incurred while away from home in the pursuit of a trade or business. See TAX HOME.