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1) The accrual method requires expenses to be deducted in the year they are incurred, not the year they are paid. For legal and auditing services from 1984-1985, ICC could have reasonably determined the amount owed even without an exact figure, so the deductions were not proper in 1986. 2) Bonuses paid to officers from profits of an isolated land sale cannot be deducted as selling expenses. Payments must be ordinary and necessary for the trade or business. 3) Extraordinary payments to directors not related
- Author
- Ivan Chua
- Language
- EN