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Deduction

income purposes law tax

That which is deducted; the part taken away; abatement; as in deductions from gross income in arriving at net income for tax purposes.

In CIVIL LAW, a portion or thing that an heir has a right to take from the mass of the succession before any partition takes place.

A contribution to a charity can be used as a deduction to reduce income for INCOME TAX purposes if the taxpayer meets the requirements imposed by law.

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