Fines Paid That Are Ordinary and Necessary in a Trade

question 8

True/False

Fines paid that are ordinary and necessary in a trade or business generally are deductible.

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Definitions:

UCC

Short for Uniform Commercial Code, it's a set of laws that provide legal rules and guidelines for commercial transactions in the United States.

Constituting Contract

An agreement that establishes the rights and obligations between parties.

Payment Term

The conditions under which a seller will complete a sale, often specifying the period allowed to a buyer to pay off the amount due.

Unaware

The state of being ignorant of or not informed about something.