Recent Tax Lessons About When A Business 'Starts'

By Bryan Camp (July 15, 2019, 3:49 PM EDT) -- It takes money to make money. Generally Congress allows taxpayers to deduct the money it takes from the money they make. That's the idea in Internal Revenue Code Section 162.[1] But Section 162's deceptively simple language — allowing a deduction for all "the ordinary and necessary expenses paid or incurred in carrying on a trade or business" — has gaps, to be filled by other statutes. For example, Sections 183[2] and 212[3] apply the Section 162 idea to activities that are not a "trade or business" but still produce income and have associated costs....

Law360 is on it, so you are, too.

A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.


A Law360 subscription includes features such as

  • Daily newsletters
  • Expert analysis
  • Mobile app
  • Advanced search
  • Judge information
  • Real-time alerts
  • 450K+ searchable archived articles

And more!

Experience Law360 today with a free 7-day trial.

Start Free Trial

Already a subscriber? Click here to login

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!