A necessary expense is one that is appropriate or helpful to the continuation of the taxpayer's business; ordinary refers to an expense that is customary and acceptable in the taxpayer's type of business.
Correct Answer:
Verified
Q20: To qualify for the immediate expensing election
Q21: Taxpayers cannot deduct the costs of tickets
Q22: Taxpayers can deduct the first $5,000 of
Q23: fte depreciable life of land is dependent
Q24: When a business borrows money to purchase
Q26: Amounts employers pay or reimburse employees for
Q27: fte tax laws regarding depreciation allow taxpayers
Q28: Taxpayers can deduct ordinary and necessary expenses
Q29: fte research and experimental costs the taxpayer
Q30: Sales tax paid in connection with the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents