The Phase "Ordinary and Necessary" Has Been Defined to Mean

question 98

True/False

The phase "ordinary and necessary" has been defined to mean that an expense must be essential and indispensable to the conduct of a business.

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Definitions:

Cargo System

A traditional system of communal work and social organization, often found in indigenous communities, involving the rotation of community service roles.

Maya Indian Villages

Historical settlements of the Maya civilization, characterized by their advanced architectural, agricultural, and astronomical systems.

Prestige Economy

The creation of a surplus for the express purpose of displaying wealth and giving it away to raise one's status.

Leveling Mechanism

A cultural obligation compelling prosperous members of a community to give away goods, host public feasts, provide free service, or otherwise demonstrate generosity so that no one permanently accumulates significantly more wealth than anyone else.