- ordinary and necessary business expense
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Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
ordinary and necessary business expense
Look at other dictionaries:
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
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
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
business expense — As a deduction in income tax return, any of the various expenses incurred in carrying on a trade or business, provided it is both ordinary and necessary in relation to the trade or business. IRC § 162(a) … 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
deductible business expense — An expenditure that is ordinary and necessary for running a business and deductible from the businesss gross receipts so that it is not counted toward taxable income. Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping &… … Law dictionary
entertainment expense — A deduction in an income tax return where an ordinary and necessary business expense by way of entertainment, amusement, or recreation furnished a customer, client, or prospective customer or client. IRC § 274(a) … Ballentine's 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
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 and Industry Review — ▪ 1999 Introduction Overview Annual Average Rates of Growth of Manufacturing Output, 1980 97, Table Pattern of Output, 1994 97, Table Index Numbers of Production, Employment, and Productivity in Manufacturing Industries, Table (For Annual… … Universalium
