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.]

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词条贡献者

译者Celia，毕业于新加坡知名法学院，擅长翻译涉及信息和智能技术领域的法律文件。