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Discuss the IRS reporting requirements under Sec. 351.
Operating Expenses
The costs associated with the day-to-day functions of a business, excluding direct production costs.
Profit
The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.
Unit
A single, distinct element that forms part of a system, often used for measuring, standardization, or as part of a greater whole.
Invoice
A notice from the seller to the buyer, detailing the items, their quantities, and the prices settled upon for the goods or services supplied.
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