Examlex
The following statements about retinol are true EXCEPT:
Tangible Asset
Physical assets such as real estate, equipment, and inventory, distinguished from intangible assets like patents and copyrights.
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.
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