ordinary and necessary expense
- ordinary and necessary expense
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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 statute or public policy. Welch v Helvering, 290 US 111, 78 L Ed 212, 54 S Ct 8; Lilly v Commissioner, 343 US 90, 96 L Ed 769, 72 S Ct 497, 27 ALR2d 492; National Brass Works, Inc. v Commissioner (CA9) 182 F2d 526, 20 ALR2d 590.
See necessary expense.
Ballentine's law dictionary.
Anderson, W.S..
1998.
Look at other dictionaries:
ordinary and necessary expense — see expense Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
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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
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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
