Trade or Business?
Abstract
In general, a taxpayer is entitled to deduct all ordinary and necessary expenses paid or incurred during the taxable year in carrying on a trade or business1 or for the production or collection of income.2 Ordinary expenses are ones that arise by virtue of common or frequent occurrences in the taxpayer’s business, and necessary expenses are ones that are appropriate and helpful for the development of the business.
How to Cite:
Achenbach, R. P., (2019) “Trade or Business?”, Agricultural Law Digest 30(16), 121–122. doi: https://doi.org//aglawdigest.8098
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