What ORDINARY means: Common and accepted in the general industry or type of activity in which the taxpayer is engaged. It is one of the tests for the deductibility of expenses incurred or paid in connection with a trade or business; for the production of income; for the management, conservation, or maintenance of property held for the production of income; or in connection with the determination, collection, or refund of any tax.
- Definition Owner-Employee:
- Dictionary A sole proprietor (self-employed individual) or a partner who owns a more- than-10% capital or profits interest in the partnership ordinary definition.
- Definition Open Year:
- Dictionary A tax year for which the statute of limitations has not yet expired ordinary explain.
- Definition Operator:
- Dictionary One who holds the working or operating rights in a gas or oil activity and is obligated for the costs of development and production ordinary what is.
- Definition Ordinary Income Or Loss:
- Dictionary Income or loss that is not capital gain or loss ordinary meaning.
How works Ordinary meaning in Tax definitions O .
