Homework answers / question archive / Part 1 In your own words, define a trade or business, and then discuss the concepts of ordinary, necessary, and reasonable in relation to trade or business expenses

Part 1 In your own words, define a trade or business, and then discuss the concepts of ordinary, necessary, and reasonable in relation to trade or business expenses

Business

Share With

Part 1

In your own words, define a trade or business, and then discuss the concepts of ordinary, necessary, and reasonable in relation to trade or business expenses. 300 words

Part 2

In your own words, answer the following: When depreciation is deducted on a rental property, why is it beneficial for the taxpayer to allocate the cost of the property to other assets (furniture, appliances, etc.) connected with the property rather than allocating the entire lump sum to the building itself? 300 words