Trade or Business Expenses and For-Profit Activity Deductions (Portfolio 505)

James E. Maule
Product Code: TPOR40   Edition Code: TMU505


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Description Table of Contents Authors

Trade or Business Expenses and For-Profit Activity Deductions, written by James Edward Maule, Esq., Professor of Law at Villanova University School of Law, analyzes the deductions allowable for taxpayers carrying on a trade or business or a for-profit activity. For specific deductions that are the subject of other Portfolios, the description provides an overview and an introduction to the terminology and substantive requirements of the statute or other provision that applies. For the other deductions, each provision is analyzed in depth. 

This Portfolio’s analysis of the deductions begins with an exploration of the definitional aspects of trade or business and for-profit activity deductions. Following that discussion, the analysis focuses on specific types of trade or business and for-profit activity deductions. Deductions for expenditures that otherwise must be capitalized and deductions arising for specific types of trades or businesses complete the detailed analysis.  This Portfolio also

  • examines the definitional aspects of §162, including the meanings of trade or business, ordinary and necessary, and carrying on
  • reviews the application of §162 to specific types of business expenses
  • discusses the definitional aspects of §212
  • analyzes the application of §212 to specific types of for-profit activity expenses
  • provides information on three particular trades or businesses, those of being an employee, a farmer, and a timber and mineral extractor, for which statutory or regulatory provisions allow deductions for specific types of expenses

  • includes detailed analysis of the Section 199 Domestic Production Activities Income deduction, which is caculated as a percentage of the taxpayer's qualified income

Other specific topics covered in the Portfolio include plan qualifications, employee stock ownership plans (ESOPs), carryforwards , alternative minimum tax election, net operating loss (NOL) carrybacks and carryovers, and more. 

Trade or Business Expenses and For-Profit Activity Deductions allows you to benefit from:

  • Hundreds of hours of original research on specific tax planning topics from leading practitioners in this area
  • Invaluable practice documents including tables, charts and lists
  • Plain-English guidance from world-class experts
  • Real-world and in-depth analysis that lets you explore various options
  • Time-saving access to relevant sections of tax laws, regulations, court cases, IRS documents and more
  • Alternative approaches to both common and unique tax scenarios 

This Portfolio is part of the U.S. Income Portfolios Library, a comprehensive series that includes more than 200 Portfolios, which covers every federal tax topic with expert, in-depth analysis, and offer commentary on a wide range of federal taxation topics, including Compensation Planning, Deductions and Credits, Partnerships and Corporations, Special Pass-Through Entities, Corporate Reorganizations, Real Estate, Procedure and Administration, and more. 



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