ordinary and necessary expense

An expense that is normal or usual and helpful or appropriate for the operation of a particular trade or business and that is paid or incurred during the taxable year.

• Ordinary and necessary expenses are tax-deductible.

— Also termed ordinary and necessary business expense. [Cases: Internal Revenue 3318. C.J.S. Internal Revenue §§ 150, 152, 163, 184.]

---

词条贡献者

译者Henry，毕业于世界顶级翻译学院，擅长翻译各种与企业管治相关的法律文件。