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maximum—then consideration should be given to dividing the income with other entities, by utilizing trusts, multiple corporations, or having income taxed to low-income members of the family. The Subchapter S election offers a special statutory method of having income taxed to the most advantageous entities. We should keep in mind that any reductions of taxes we help our clients accomplish by planning save "100-cent dollars"—any costs of the planning are deductible, so are paid with "9-cent" to "80-cent" dollars, depending on tax brackets. Durwood L. Alkire Seattle Durwood L. Alkire has a B.A. from the University of Washington and is a partner in our Seattle Office. He is active on committees of the Seattle Chamber of Commerce, the Municipal League of Seattle and King County, and the United Good Neighbor Fund. I What Are ^Ordinary ank Reviewed by John S. Crawford, Portland ONE OF THE RESULTS of high income tax rates has been the importance placed upon the deductibility of expenditures made by individuals as well as by business entities. Ordinary and necessary expenses meet the tests of deductibility. The problem faced by tax practitioners and businessmen is that of distinguishing expenditures which qualify as ordinary and necessary from those which do not. The theme of the subject book is to differentiate for the reader the expenditures which qualify from those which do not and to point up ways of assuring that proper deductions are not lost by careless record keeping or lack of proof. The authors commence with the general rule that Congress intended the income tax laws to tax earnings and 34 THE QUARTERLY
Object Description
Title |
What are "ordinary and necessary" business expenses? |
Author |
Crawford, John S. |
Subject |
Carson, William K. Ordinary and Necessary Expenses Income tax -- United States -- Deductions -- Expenses |
Portrait |
Carson, William Weiner, Herbert |
Office/Department |
Touche, Ross, Bailey & Smart. Portland Office |
Citation | Quarterly, Vol. 06, no. 1 (1960, March), p. 34-38 |
Date-Issued | 1960 |
Source | Originally published by: Touche, Ross, Bailey & Smart |
Rights | Copyright and permission to republish held by: Deloitte |
Type | Text |
Format | PDF image with OCR under text, scanned at 400dpi |
Collection | Deloitte Digital Collection |
Digital Publisher | University of Mississippi. Digital Accounting Collection |
Date-Digitally Created | 2009 |
Language | eng |
Identifier | Quarterly_1960_March-p34-38 |