For an Expense to Be Ordinary,it Must Be Customary or Usual

question 73

True/False

For an expense to be ordinary,it must be customary or usual in the taxpayer's particular business.

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Definitions:

Currency

Currency refers to money in any form when in use or circulation as a medium of exchange, especially circulating banknotes and coins.

Political Risk

Risk related to changes in value that arise because of political actions.

Foreign Subsidiary

A foreign subsidiary is a company that is owned or controlled by another company but operates in a different country from the parent company.

Parent Company

is a corporation that owns enough voting stock in another firm to control its board of directors and therefore its operational and financial policies.