Visit cpajournal.com to read the very latest from The CPA Journal
May/June 2023 » Defining a Trade or Business under...
Full articles of The CPA Journal are available to NYSSCPA members and CPAJ subscribers ONLY. Please login to access this content.
Nonmembers and nonsubscribers, you can apply for NYSSCPA Membership here and get unlimited access to The CPA Journal, or you can create a non-member online account here and purchase individual articles.
Joel Busch, JD, CPA
Unlike many important terms that are defined either in the IRC or Treasury Regulations, the term “trade or business,” which comes up throughout the IRC and regulations, has never been objectively defined. Just a few of the more than 500 sections of the IRC where the “trade or business” phrase is present include: the deductibility of business expenses [under IRC section 162(a)]; the exclusion from income for the cancellation of debts for both real property businesses [section 108(c)(3)(A)], as well as for qualified farm businesses [section 108(g)(2)(A)]; the business interest deduction limitation [section 163(j)]; the qualified business income (QBI) deduction [section 199A(b)(1) (A)]; the passive loss limitation rules (section 469); and business start-up expenditures (section 195).
Advertising with the NYCPA is your opportunity to reach the greatest number of business advisors in the most important business state in the nation.
Shop our Merch Store for a quality selection of branded NYCPA and affiliate merchandise, such as shirts, hats, drinkware, and more. Show your pride, support NYCPA, and discover the perfect gift today!
Post a resume or job listing in our Career Center to connect with hundreds of employers or job seekers.
Join 21,000+ of your peers. Apply for membership today!
Find CPE Conferences, Seminars, and Online Courses Here.
Get insight and analysis into all areas of the profession.
Content provided by and exclusively for NYCPA members.
Stay up to date with important NYCPA news.
A daily roundup of the latest from around the accounting and financial industry.
A strong PAC means a strong profession. Donate Today.
Help develop a strong network of connections.
A resource for NYCPA Members.
Members, Get expert answers to technical questions.
Start your career off right with an experienced mentor.
It's never too early to start thinking about your career.