itonewbie
Level 15
12-07-2019
02:05 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Tax treatments for corporate and individual taxpayers differ partly because individual taxpayers need to establish that expenses incurred are ordinary and necessary and for what would otherwise be a trade or business that is engaged in for profit. If these conditions are satisfied, it may be possible to deduct the expenses under §165(a) and (c).
See also Rev. Ruls. 77-254 and 71-191.
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar