salvage

  • Sum recovered on account of liquidation of the damaged property of the insured policyholder—as in the scrap value of a demolished automobile.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).