The Internal Revenue Code specifies that a business expense must be ordinary and necessary and reasonable in amount.
Discuss the meanings of each of these three terms.
Select a particular type of business of your choice (for example, bakery, laundromat, restaurant, etc.) and describe at least three examples of business expenses that would be considered ordinary, necessary and reasonable in amount..
***Please note: All initial discussion postings must include outside online research to support your position. Be sure to cite your sources using in-text citations and a listing of sources and full citations at the end of your posting. Summarization of source information must contain in-text citations to indicate which information is gained from your source. Direct quotes from a source must be included in quotation marks, an in-text citation must be provided AND a listing of sources and full citations must be provided at the end of your posting. Investopedia and wikipedia are NOT acceptable sources.
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