Match Each Statement with the Correct Term Below

question 89

Multiple Choice

Match each statement with the correct term below.
-Ordinary Expense

• A)Specifically disallowed.
• B)Appropriate and helpful.
• C)Considered a trade or business.
• D)Not considered a trade or business.
• E)Problems with this generally arise with related parties.
• F)This is met when services or property are provided to the taxpayer.
• G)Normal, common, and accepted but not necessarily regularly recurring.
• H)This is met when the existence and the amount of a liability have been established.

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Definitions:

Intangible Resources

Non-physical assets that have value to an organization, such as intellectual property, brand reputation, and human skills.

Tangible Resources

Physical and material assets owned by a company, such as buildings, machinery, and inventory, which can be seen and quantified.

Technical Skills

These are abilities and knowledge in a specific domain that enable individuals to perform specific tasks proficiently, often related to practical tasks and technology use.

Human Skills

The ability to relate to other people