Business Purpose

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Business Purpose

A transaction with any purpose other than to reduce taxes. An act with a business purpose may have the side effect of reducing taxes (which may be the primary reason a business conducted it), but it must also advance the goals or objectives of the business. Having a legitimate business purpose is a key standard the IRS uses in determining whether an act is tax avoidance or tax evasion.
References in classic literature ?
I have done a vast deal of this, but I have usually been aware that the book was subtly withholding from me the best a book can give, since I was not reading it for its own sake and because I loved it, but for selfish ends of my own, and because I wished to possess myself of it for business purposes, as it were.
The room Arthur Clennam's deceased father had occupied for business purposes, when he first remembered him, was so unaltered that he might have been imagined still to keep it invisibly, as his visible relict kept her room up-stairs; Jeremiah Flintwinch still going between them negotiating.
Sir Launcelot, in his richest armor, came striding along the great hall now on his way to the stock- board; he was president of the stock-board, and occu- pied the Siege Perilous, which he had bought of Sir Galahad; for the stock-board consisted of the Knights of the Round Table, and they used the Round Table for business purposes now.
In improves the tone of the thing, for business purposes, more than you can imagine.
Wilson put on enough clothes for business purposes and went to work under a high pressure of steam.
Always a good judge of character for business purposes, he seemed this afternoon to enlarge his field, and to note qualities outside neatness, obedience, and decision.
Well, Vigneau has two more wagons and teams like that one, and he has a small pony besides for business purposes, for he does trade over a wide area.
Almost every business employs staff who will need to drive vehicles for business purposes.
In a letter to the CFPB, MBA recommended that the agency exclude multifamily mortgage loans and other loans made for business purposes from HMDA reporting requirements in light of the core purposes of HMDA and the fundamentally different nature of multifamily and commercial real estate lending from single-family residential lending.
The court held that "Health Care Indemnity was formed for legitimate business purposes.
LinkedIn is king in terms of the preferred social network for business purposes.
Also, the Court rejected all of the FLP's alleged business purposes and found that the transfer of assets did not qualify for the exception as a bona fide sale.

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