• Ask a Legal Question
  • Submit Article
  • Law Dictionary
  • My Account
  • FAQ
  • Contact Us
  • Support
  • Site Search
Login or Sign up

The Law Dictionary

  • Home
  • Law Forum
  • Law Guide
  • Law Journal
  • Lawyers
  • Legal Forms & Files
  • Inbox
  • Alerts
Home » Law Dictionary » N » NET

NET

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

Clear of anything extraneous; with all deductions, such as charges, expenses, discounts, commissions, taxes, etc.; free from expenses. St. John v. Erie R. Co., 22 Wall. 148, 22 L. Ed. 743; Scott v. Hartley, 126 Ind. 239, 25 N. E. 826; Gibbs’v. People’s Nat. Bank, 198 111. 307, 64 N. E. 1060. Net balance. The proceeds of sale, after deducting expenses. Evans v. Wain. 71 Pa . 69. Net earnings. See EABNIKGS. Net income. The profit or income accruing from a business, fund, estate, etc., after deducting all necessary charges and expenses of everv kind. Jones & Nimick Mfg. Co. v. Com., 69 Pa. 137; In re Young, 15 App. Div. 285, 44 N. Y. Supp. 585: Fickett v. Conn (Com. PI.) 1 N. Y. Supp. 436. Net premium. In the business of life insurance, this term is used to designate that portion of the premium which is intended to meet the cost of the insurance, both current and future; its amount is calculated upon the basis of the mortality tables and upon the assumption that the company will receive a certain rate of interest upon all its assets; it does not include the entire premium paid by the assured, but does include a certain sum for expenses. Fuller v. Metropolitan L. Ins. Co., 70 Conn. 647, 41 Atl. 4. Net price. The lowest price, after deducting all discounts. Net profits. This term does not mean what is made over the losses, expenses, and interest on the amount invested. It includes the gain that accrues on the investment, after deducting simply the losses and expenses of the business. Tutt v. Land, 50 Ga. 350. Net tonnage. The net tonnage of a vessel is the difference between the entire cubic contents of the interior of the vessel numbered in tons and the space occupied bv the crew and by propelling machinery. The tfhomas Melville, 62 Fed. 749, 10 C. C. A. 619. Net weight. The weight of an article or collection of articles, after deducting from the gross weight the weight of the boxes, coverings, casks, etc., containing the same. The weight of an animal dressed for sale, after rejecting hide, offal, etc.

Related Posts:

  • ITEMIZED DEDUCTIONS
  • DEDUCTIBLE EXPENSES
  • ADJUSTED GROSS INCOME (AGI)
  • FRAIS
  • ORDINARY AND NECESSARY EXPENSES
  • PROFIT AND LOSS STATEMENT

Filed Under: N

Add a New Legal Term

Can't find the legal word, term, phrase or abbreviation that you're seeking in our dictionary? Add or request a definition by filling out the short form below!

Add Dictionary Term
Sending

Law Dictionary & Guide App

Law App

Law App

Pro Law App

Pro Law App


  Over 2,000 Five Star Ratings

  •   Black's Law Dictionary 2nd Ed.
  •   Free: 14,000+ legal terms, Pro: 23,000+
  •   Law Guide & Law Journal
  •   Ask Questions & Get Answers
  •   Law Library & Lawyer Directory
  • Free Attorney Case Review

    Free legal consultation with a lawyer

    • About
    • FAQ
    • Contact
    • Disclaimer
    • Privacy
    • Legal Terms
    • Editorial Guidelines
    • © 1995 – 2016 TheLaw.com LLC
    Legal Disclaimer: The content appearing on our website is for general information purposes only. When you submit a question or make a comment on our site or in our law forum, you clearly imply that you are interested in receiving answers, opinions and responses from other people. The people providing legal help and who respond are volunteers who may not be lawyers, legal professionals or have any legal training or experience. The law is also subject to change from time to time and legal statutes and regulations vary between states. It is possible that the law may not apply to you and may have changed from the time a post was made. All information available on our site is available on an "AS-IS" basis. It is not a substitute for professional legal assistance. Before making any decision or accepting any legal advice, you should have a proper legal consultation with a licensed attorney with whom you have an attorney-client privilege. For purposes of New York and New Jersey State ethics rules, please take notice that this website and its case reviews may constitute attorney advertising.
    © Copyright 1995 - 2015 TheLaw.com LLC. All Rights Reserved
    Go to mobile version