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What is a deduction?

What is a deduction? Here are some definitions.

Noun
  1. That which is deducted; that which is subtracted or removed
  2. A sum that can be removed from tax calculations; something that is written off
  3. (logic) A process of reasoning that moves from the general to the specific, in which a conclusion follows necessarily from the premises presented, so that the conclusion cannot be false if the premises are true.
  4. A conclusion; that which is deduced, concluded or figured out
  5. The ability or skill to deduce or figure out; the power of reason
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For one thing, it helps to explain how we come to know things via deduction.
His hooded eyes gleamed with the malignant satisfaction of a correct deduction.
If you ask a loaded question, you get the answer you want, but your deduction from it may be unsound.
It is because the interest deduction impacts an investor's after-tax rate of return.
The cost of these items are a private expense and thus not an allowable deduction.
However, the foreign earnings deduction, which is due to expire at the end of this month did not receive a reprieve.

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