Most commonly, the gross proceeds of a business transaction less the costs of the transaction; i.e. net proceeds. Excess of revenues over expenses for a transaction; sometimes used synonymously with net income for the period. Gain realized from business or investment over and above expenditures. Profit means accession of good, valuable results, useful consequences, avail, gain, as an office of profit, excess of returns over expenditures or excess of income over expenditure. U. S. v. Mintzes, D.C.Md., 304 F.Supp. 1305, 1312.
The benefit, advantage, or pecuniary gain accruing to the owner or occupant of land from its actual use; as in the familiar phrase "rents, issues and profits," or in the expression "mesne profits." A division sometimes made of incorporeal hereditaments.
Profits are divided into profits a prendre and profits a rendre (profit a prendre and profit a rendre q.v.).
@ gross profit
The difference between sales and cost of goods sold, but excluding expenses and taxes.
+ gross profit
The difference between sales and the cost of goods sold before allowance for operating expenses and income taxes.
See also gross income.
@ mesne profits
Intermediate profits; that is, profits which have been accruing between two given periods. Value of use or occupation of land during time it was held by one in wrongful possession and is commonly measured in terms of rents and profits. Thus, after a party has recovered the land itself in an action of ejectment, he frequently brings another action for the purpose of recovering the profits which have been accruing or arising out of the land between the time when his title to the possession accrued or was raised and the time of his recovery in the action of ejectment, and such an action is thence termed an "action for mesne profits."
+ mesne profits
Intermediate profits; i.e., profits which have been accruing between two given periods. Dumas v. Ropp, 98 Idaho 61, 558 P.2d 632, 633. Value of use or occupation of land during time it was held by one in wrongful possession and is commonly measured in terms of rents and profits.
See also profit
@ net profit
The amount arrived at by deducting from total revenue the cost of goods sold and all expenses.
See also net income
@ operating profit
The profit arrived at by deducting from sales all expenses attributable to operations but excluding expenses and income related to non-operating activities such as interest payments
+ operating profit
Deducting the cost of goods sold from sales gives gross profit. Deducting the operating expense (overhead) from the gross profit gives the operating profit
@ profit and loss
The gain or loss arising from goods bought or sold, or from carrying on any other business, the former of which, in bookkeeping, is placed on the creditor's side; the latter on the debtor's side.
See also profit and loss account
- profit and loss statement
@ profit a prendre
/profit a prondar/
Called also"right of common."
A right exercised by one person in the soil of another, accompanied with participation in the profits of the soil thereof. A right to take a part of the soil or produce of the land.
A right to take from the soil, such as by logging, mining, drilling, etc. The taking (profit) is the distinguishing characteristic from an easement.
Right of "profit a prendre" is a right to make some use of the soil of another, such as a right to mine metals, and it carries with it the right of entry and the right to remove and take from the land the designated products or profit and also includes right to use such of the surface as is necessary and convenient for exercise of the profit. Costa Mesa Union School Dist. of Orange County v. Security First Nat. Bank, 254 Cal.App.2d 4, 62 Cal.Rptr. 113, 118
@ profit a rendre
/profad a rdndar/ Such as is received at the hands of and rendered by another. The term comprehends rents and services.
@ surplus profits
Within the meaning of a statute prohibiting the declaration of corporate dividends other than from such profits, means the excess of receipts over expenditures, or net earnings or receipts, or gross receipts, less expenses of operation. Of a corporation, the difference over and above the capital stock, debts, and liabilities.
@ undistributed profits
Profits which have not been distributed to the stockholders in the form of dividends though earned by the corporation.
See also undistributed profits tax
@ profit and loss account
A transfer account of all income and expense accounts which is closed into the retained earnings of a corporation or the capital account of a partnership
@ profit and loss statement
A statement showing the income, costs and expenses of a business over a specific period of time; the difference being the income or loss for the period.
See also income statement
@ profiteering
Taking advantage of unusual or exceptional circumstances to make excessive profits; e.g. selling of scarce or essential goods at inflated prices during time of emergency or war.
See insider trading
@ profit margin
Sales minus all expenses as a single amount. The ratio of income to sales revenue. Frequently used to mean the ratio of sales minus all operating expenses divided by sales. A high profit margin is desirable as it indicates that a company is receiving a good return on the cost of goods sold
@ profit-sharing plan
A plan established and maintained by an employer to provide for the participation in the profits of the company by the employees or their beneficiaries. In order to qualify for tax benefits, the plan must provide a definite predetermined formula for allocating the contributions made to the plan among the participants and for distributing the funds accumulated under the plan after a fixed number of years, the attainment of a stated age, or upon the prior occurrence of some event such as layoff, illness, disability, retirement, death, or severance of employment. Such plans are regulated by the federal Employee Retirement Income Security Act (ERISA).
@ qualified profit sharing plan
An employer-sponsored plan that meets the requirements of I.R.C. No. 401.
If these requirements are met, none of the employer's contributions to the plan will be taxed to the employee until distributed to him or her (No. 402). The employer will be allowed a deduction in the year the contributions are made (No. 404)

Black's law dictionary. . 1990.

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