According to the Internal Revenue Code §162, deductible trade or business expenses must be which one of the following?
A)Incurred for the production of investment income
B)Ordinary and necessary
C)Minimized
D)Appropriate and measurable
E)Personal and justifiable

Question

Quizplus · Accepted Answer

According to Internal Revenue Code §162, deductible trade or business expenses must be ordinary and necessary. These terms are interpreted broadly and mean that expenses must be common and accepted in the trade or business as well as helpful and appropriate for the business.

According to the Internal Revenue Code §162, Deductible Trade or Business