A quota is a prescribed number or share of something.
In common language, especially in business, a quota is a time-measured goal for production or achievement. An assembly line worker might have a quota for the number of products made; a salesperson might have a quota to meet for weekly sales; a police officer might have a quota for tickets issued or arrests made.
In proportional representation, a quota is a lowerbound on the number of votes needed to be elected. There are a number of such schemes:
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An assembly line worker might have a quota for the number of products made; a salesperson might have a quota to meet for weekly sales; a police officer might have a quota for tickets issued or arrests made.
In trade, a quota is a form of protectionism used to restrict the import of something to a specific quantity (Sawyer and Sprinkle, International Economics, 2nd Edition, 2003, p 157).
Quota owners who receive assets as a bequest or inheritance from a decedent, have a basis equal to the fair market value (FMV) of the asset on date of death of the decedent (six months after the date of death if the alternate valuation date is elected).
Quota owners who receive assets, such as tobacco quota, as a gift, have the donor's carryover basis in the asset increased by the portion of gift taxes attributable to the appreciation in value of the property.
If quota owners have incorrectly taken amortization deductions for the tobacco quota purchased after August 10, 1993, the basis of their quota is adjusted by the amount of amortization taken.
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