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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MONETARY ASSETS are measured at their collectible amounts, while nonmonetary assets are measured at historical costs.

COUNTERBALANCE is a compensating equivalent or to oppose and mitigate the effects of something by contrary actions.

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