Akademik

loss n

1: physical, emotional, or esp. economic harm or damage sustained: as

a: decrease in value, capital, or amount compare gain

b: an amount by which the cost of something (as goods or services) exceeds the selling price compare profit

c: something unintentionally destroyed or placed beyond recovery

d: the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy

◇ As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations.

actual loss: the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event

actual total loss: a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constructive total loss in this entry

capital loss: the amount by which the book value of a capital asset exceeds the amount realized from the sale or exchange of the asset

casualty loss: loss of property as a result of a fire, storm, shipwreck, or other catastrophic event

consequential loss: a loss that arises as an indirect result of an act or event – called also indirect loss; compare direct loss in this entry

constructive total loss: a loss in marine insurance in which the cost of repairing or recovering a ship or its cargo would be more than the ship or cargo is worth compare actual total loss in this entry

direct loss: a loss arising directly from an act or event compare consequential loss in this entry

in·di·rect loss: consequential loss in this entry

net op·er·at·ing loss: the amount by which the expenses of operating a business exceed the income derived from it see also carryback, carryover

ordinary loss: a loss from the sale or exchange of any asset that is not a capital asset

partial loss: a loss arising from damage to property that does not render it a total loss

total loss: a loss arising from damage to property that is so substantial as to make the property valueless to an insured

2: the act or fact of suffering physical, emotional, or esp. economic harm or detriment