ordinary and necessary
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 325 U.S. 365 - Bingham's Trust v. Commissioner of Internal Revenue · 1945Most cited · 961 citing opinions
The requirement of § 23(a)(2) that deductible expenses be 'ordinary and necessary' implies that they must be reasonable in amount and must bear a reasonable and proximate relation to the management of property held for the production of income.