business expense


business expense
As a deduction in income tax return, any of the various expenses incurred in carrying on a trade or business, provided it is both ordinary and necessary in relation to the trade or business. IRC § 162(a).

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • business expense — see expense Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. business expense …   Law dictionary

  • business expense — noun ordinary and necessary expenses incurred in a taxpayer s business or trade • Syn: ↑trade expense • Hypernyms: ↑expense, ↑disbursal, ↑disbursement • Hyponyms: ↑organization expense, ↑ …   Useful english dictionary

  • ordinary and necessary business expense — n: ordinary and necessary expense at expense Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • deductible business expense — An expenditure that is ordinary and necessary for running a business and deductible from the businesss gross receipts so that it is not counted toward taxable income. Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping &… …   Law dictionary

  • necessary business expense — An expense which is appropriate and helpful. Blackmer v Commissioner (CA2) 70 F2d 255, 92 ALR 982. See ordinary and necessary expense …   Ballentine's law dictionary

  • expense — ex·pense 1 n: financial burden or outlay; specif: an item of business outlay chargeable against revenue for a specific period busi·ness expense: an expense made in furtherance of one s business esp. as part of the cost of operating a business in… …   Law dictionary

  • Business overhead expense disability insurance — Business overhead expense (BOE) disability insurance pays the insured’s business overhead expenses if he or she becomes disabled. A BOE policy pays a monthly benefit based on actual expenses, not anticipated profits. It is designed for businesses …   Wikipedia

  • Expense — Expenses redirects here. For the row about members expenses in the UK Parliament which started about May 2009, see United Kingdom Parliamentary expenses scandal. Accountancy Key concepts Accountant · Accounting period ·… …   Wikipedia

  • expense — That which is expended, laid out or consumed. An outlay; charge; cost; price. The expenditure of money, time, labor, resources, and thought. That which is expended in order to secure benefit or bring about a result. Shinrone Farms, Inc. v. Gosch …   Black's law dictionary

  • expense — That which is expended, laid out or consumed. An outlay; charge; cost; price. The expenditure of money, time, labor, resources, and thought. That which is expended in order to secure benefit or bring about a result. Shinrone Farms, Inc. v. Gosch …   Black's law dictionary


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