Ordinary

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Ordinary

Common and accepted in the general industry or type of activity in which the taxpayer is engaged. It is one of the tests for the deductibility of expenses incurred or paid in connection with a trade or business; for the production of income; for the management, conservation, or maintenance of property held for the production of income; or in connection with the determination, collection, or refund of any tax.
References in periodicals archive ?
For example, it used to be part of the ordinary and universal teaching in the church that no one could ever lend money at interest.
In a somewhat surprising departure from the section 988 treatment, the temporary and proposed regulations exclude related party assets and liabilities from the umbrella of the ordinary property definition.
The stock and warrant certificates of China Unistone will continue to represent the ordinary shares and warrants of Yucheng, but a stockholder may exchange a China Unistone stock or warrant certificate for one representing the Yucheng shares or warrants at any time.
1245, the ordinary gain is not limited to total depreciation taken.
In general, payments are deductible (when paid in a settlement or judgment) if made in the ordinary course of a trade or business (or in the production of income or furtherance of investment activities).
The security was not, at any time after the close of that day, held by the dealer primarily for sale to customers in the ordinary course of his trade or business.
Assuming Jack is in the 36% marginal tax bracket in 1998 and the 28% marginal tax bracket in 1999, the deferral of the ordinary gain on the equipment to 1999 provides a $4,800 ((36% -- 28%) X $60,000) tax savings.
The ordinary income amount is an amount calculated by multiplying the taxpayer's net investment in the conversion transaction by a given rate accruing for the period ending on the date of such disposition or other termination (or, if earlier, the date on which the transaction ceases to meet the definitional requirements of a conversion transaction).
Of the ordinary shares being offered, Aspen is offering approximately $200 million of ordinary shares and Wellington Underwriting plc (the "Selling Shareholder") is offering up to six million ordinary shares, representing 61% of the Selling Shareholder's currently outstanding ordinary shares (excluding exercisable options to purchase 3,781,120 ordinary shares).
For more than 30 years after the Supreme Court's decision, lower courts applied the so-called Corn Products doctrine to find that assets acquired and sold in the ordinary course of business, including stock or other assets normally characterized as capital assets, were accorded ordinary gain or loss treatment.
As a result of the reverse stock split, the par value of the ordinary shares of VocalTec will be increased from New Israeli Shekel 0.
All conditions to the offer for the ordinary shares contained in the offer document dated October 13, 2005 have been satisfied or waived.

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