International Trade Meaning and Definition of Activity-Based-Cost (Abc)
Meaning of Activity-Based-Cost (Abc)
An accounting method that allocates costs to specific products based on breakdowns of cost drivers.
Meaning of Ad Valorem in the United States Tax System
Latin for “according to value.” An ad valorem tax is assessed on the value of goods or property (e.g., real estate, motor vehicles), not on the quantity, weight, extent, and so on. An ad valorem real estate tax may be a deduction from Adjusted Gross Income for an individual. Former IRC (check if this IRC provision is current here)§ 164(a)(1) and (2).
Example of Ad Valorem:
Learn more about tax examples, explanations and calculations here.
If the ad valorem tax rate is 1%, the tax will be $1 per $100 of assessed value.See Ad Valorem Tax in the American Encyclopedia.
Worldwide Ad Valorem Tax
Learn more about Ad Valorem Tax in the Worldwide Legal Encyclopedia.
Popular U.S. Tax Words
Synonyms of Ad Valorem
adjective
- according to value
- appraised
- assessable
- chargeable
- charged
- dutiable
- evaluated
- excisable
- leviable
- ratable
- valued at
- Associated Concepts: ad valorem tax
Related Entries of Activity-Based-Cost (Abc) in the Encyclopedia of Law Project
Browse or run a search for Activity-Based-Cost (Abc) in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.
Activity-Based-Cost (Abc) in Historical Law
You might be interested in the historical meaning of this term. Browse or search for Activity-Based-Cost (Abc) in Historical Law in the Encyclopedia of Law.
Legal Abbreviations and Acronyms
Search for legal acronyms and/or abbreviations containing Activity-Based-Cost (Abc) in the Legal Abbreviations and Acronyms Dictionary.
What does Ad valorem mean in American Law?
The definition of Ad valorem in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:
According to the value, as in “ad valorem tax.”
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| Activity-Based-Cost (Abc) in the Dictionary | Activity-Based-Cost (Abc) in our legal dictionaries |
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| Browse the Legal Thesaurus | Find synonyms and related words of Activity-Based-Cost (Abc) |
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| Related topics | Activity-Based-Cost (Abc) in the World Encyclopedia of Law |
What is Activity-Based-Cost (Abc)?
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“Ad Valorem” in Maritime Law
Note: There is more information on maritime/admiralty law here.
The following is a definition of “Ad Valorem”, produced by Tetley, in the context of admiralty law: “according to value”. For example, an ad valorem freight rate is one based on the value of the cargo, rather than on its weight or its cubic measurement.
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See Also
Concept of Ad Valorem in the context of Real Property
A short definition of Ad Valorem: “According to value”. A method of taxation using the value of the thing taxed to determine the amount of tax. Taxes can be either “Ad Valorem” or “Specific”. Example: A tax of $5.00 per $1000.00 of value per house is “Ad Valorem”. A tax of $5.00 per house (irrespective of value) is “Specific”.
Concept of Ad Valorem in the context of Real Property
A short definition of Ad Valorem: “According to value”. A method of taxation using the value of the thing taxed to determine the amount of tax. Taxes can be either “Ad Valorem” or “Specific”. Example: A tax of $5.00 per $1000.00 of value per house is “Ad Valorem”. A tax of $5.00 per house (irrespective of value) is “Specific”.
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