Examlex
Which statement is true about caring for aging parents?
Trade or Business
Any activity carried on for the production of income from selling goods or performing services.
Necessary Expense
An expense that is considered essential for the generation of income or for maintaining a living condition, often considered for tax deductions.
Taxpayer's Business
This term generally refers to any business activity or venture that is conducted with the aim of generating income or profit taxable to the individual or entity undertaking the activity.
Cash-Basis Taxpayer
An individual or entity that reports income and deductions in the year that cash is received or paid, respectively.
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