Ordinary and Necessary Business Expenses
Ordinary and Necessary Business Expenses means:
a tax provision that allows a current deduction for business expenses; contrast with the entry ed with capital expenditure and unreasonable expense. An ordinary and necessary business expense of a sole proprietor would appear on Schedule C of Former Federal Tax Form (check here if the Form is current) 1040. Former IRC (check if this IRC provision is current here) §§ 162(a) and 212.
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