What Are the Basic Requirements for a Business Expense to Be

question 106

Essay

What are the basic requirements for a business expense to be deductible?

Understand the concept of psychological hardiness and resilience.

Identify and explain Maslow's theory on self-actualization and how it relates to adjustment.

Distinguish between different types of conflicts and their effects on individuals.

Understand the role of stressors and the general adaptation syndrome in stress.

---

Definitions:

Taxable Estate

The total value of an individual's estate that is subject to federal estate taxation upon their death.

Taxable Income

The portion of income, subject to taxes, calculated by deducting allowable deductions from gross income.

Charge and Discharge Statement

A financial report detailing the charges (debts or obligations) and discharges (payments or settlements) within a specific period.

Remainderman

An individual who inherits or is entitled to inherit property upon the expiration of a life estate.