- ordinary and necessary expense
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ordinary and necessary expense see expense
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
ordinary and necessary expense
Look at other dictionaries:
ordinary and necessary expense — A deduction in computation of taxable income where incurred as a common and accepted practice in the taxpayer s field of business, where it is appropriate and helpful in maintaining the taxpayer s business, and where it is not in violation of… … Ballentine's law dictionary
ordinary and necessary business expense — n: ordinary and necessary expense at expense Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
ordinary — 1. noun At common law, one who had exempt and immediate jurisdiction in causes ecclesiastical. Also a bishop; and an archbishop is the ordinary of the whole province, to visit and receive appeals from inferior jurisdictions. Also a commissary or… … Black's law dictionary
necessary business expense — An expense which is appropriate and helpful. Blackmer v Commissioner (CA2) 70 F2d 255, 92 ALR 982. See ordinary and necessary expense … Ballentine's law dictionary
expense — The cost of a thing or of services; the charge made for something; a paying out for something. See expenditure; family expenses; funeral expenses; operating expenses; ordinary and necessary expense; overhead expenses … Ballentine's law dictionary
expense — ex·pense 1 n: financial burden or outlay; specif: an item of business outlay chargeable against revenue for a specific period busi·ness expense: an expense made in furtherance of one s business esp. as part of the cost of operating a business in… … Law dictionary
Job-seeking expense tax deductions — Generally, expenses related to the carrying on of a business or trade are deductible from a U.S. taxpayer s adjusted gross income. [Internal Revenue Code § 162(a)] For many taxpayers, this means that expenses related to seeking new employment,… … Wikipedia
Expense — Expenses redirects here. For the row about members expenses in the UK Parliament which started about May 2009, see United Kingdom Parliamentary expenses scandal. Accountancy Key concepts Accountant · Accounting period ·… … Wikipedia
ordinary — or·di·nary adj: of a kind to be expected from the average person or in the normal course of events; broadly: of a common kind or degree an ordinary proceeding compare extraordinary Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
business expense — noun ordinary and necessary expenses incurred in a taxpayer s business or trade • Syn: ↑trade expense • Hypernyms: ↑expense, ↑disbursal, ↑disbursement • Hyponyms: ↑organization expense, ↑ … Useful english dictionary
