Match each statement with the correct term below.
-Ordinary Expense
A)Specifically disallowed.
B)Appropriate and helpful.
C)Considered a trade or business.
D)Not considered a trade or business.
E)Problems with this generally arise with related parties.
F)This is met when services or property are provided to the taxpayer.
G)Normal, common, and accepted but not necessarily regularly recurring.
H)This is met when the existence and the amount of a liability have been established.

Question

Quizplus · Accepted Answer

An ordinary expense is one that is normal, common, and accepted in the taxpayer's trade or business, but not necessarily regularly recurring.

Match Each Statement with the Correct Term Below