Trade Or Business

Trade Or Business means:
a regular and continuous activity undertaken for a profit, other than that of an investor trading in securities. Trade or business has the same meaning as in I.R.C. Section 62. Generally, a taxpayer is conducting a trade or business if: 1) the primary purpose for engaging in an activity is for income or profit, 2) the taxpayer is involved in the activity with continuity and regularity and/or 3) certain business expense deductions are allowed against the income earned from such activity under sections 62 and 162 of the Internal Revenue Code. Former IRC (check if this IRC provision is current here) § 1402(c) excludes the performance of a public office, but Former IRC (check if this IRC provision is current here) §7701(a)(26) includes it. Former IRC (check if this IRC provision is current here) §162.