ABATEMENT Definition

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ABATEMENT, in general, is the reduction or lessening. In law, it is the termination or suspension of a lawsuit. For example, an abatement of taxes is a tax decrease or rebate.

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SEVERANCE TAX is levied on production of natural resources taken from land or water bottoms within the territorial boundaries of a state.

ERROR OF PRINCIPLE, in accounting, occurs when one or both of the entries are made in the wrong class or category of account.

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