According to the Internal Revenue Code §162,deductible trade or business expenses must be 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

Deductible trade or business expenses must be both ordinary and necessary for the taxpayer's trade or business. "Ordinary" means that the expense is common and accepted in the taxpayer's trade or business, and "necessary" means that it is appropriate and helpful for the taxpayer's trade or business.

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