37579205
Description
Mind Map by Lucille Lamberson, updated more than 1 year ago
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Created by Lucille Lamberson
about 2 years ago
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Chapter 9: Business Income, Deductions, and Accounting Methods
- Ordinary expense
- Expense that is normal or appropriate for the business under the circumstances
- Expense that is normal or appropriate for the business under the circumstances
- Necessary expense
- Expense that is helpful or conducive to the business
activity but the expenditure doesn't need to be
essential or indispensable
- Expense that is helpful or conducive to the business
activity but the expenditure doesn't need to be
essential or indispensable
- Permissible accounting method
- Accounting method allowed under the tax law
- Permissible accounting methods are adopted the first time a taxpayer uses
the method on a tax return.
- Permissible accounting methods are adopted the first time a taxpayer uses
the method on a tax return.
- Accounting method allowed under the tax law
- Impermissible accounting method
- An accounting method prohibited by tax laws
- An accounting method prohibited by tax laws
- To claim a tax deduction for an accrued expense, the expense must meet two tests: an all-events test and an economic performance test
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