ordinary and necessary business expense

ordinary and necessary business expense
ordinary and necessary business expense n: ordinary and necessary expense at expense

Merriam-Webster’s Dictionary of Law. . 1996.

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

  • 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

  • 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

  • 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

  • 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

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