trade or business

trade or business
trade or business
Any business or professional activity conducted by a taxpayer, the objective of which is to earn a profit. General test for determining whether person is engaged in "trade or business" so as to be entitled to deduct expenses as trade or business expenses under Internal Revenue Code is whether taxpayer's primary purpose and intention in engaging in the activity is to make a profit. Zell v. C.I.R., C.A. 10, 763 F.2d 1139, 1142

Black's law dictionary. . 1990.

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Look at other dictionaries:

  • carry on trade or business — To conduct, prosecute or continue a particular avocation or business as a continuous operation or permanent occupation. The repetition of acts may be sufficient. To hold one s self out to others as engaged in the selling of goods or services.… …   Black's law dictionary

  • carry on trade or business — To conduct, prosecute or continue a particular avocation or business as a continuous operation or permanent occupation. The repetition of acts may be sufficient. To hold one s self out to others as engaged in the selling of goods or services.… …   Black's law dictionary

  • do a roaring trade (or business) — informal do very good business. → roaring …   English new terms dictionary

  • used or kept for one's trade or business — Kept as reasonably necessary, convenient, or suitable for one s trade or business. Julius v Druckrey, 214 Wis 643, 254 NW 358, 94 ALR 293 (phrase appearing in exemption statute) …   Ballentine's law dictionary

  • trade — 1 n 1 a: the business or work in which one engages regularly b: an occupation requiring manual or mechanical skill c: the persons engaged in an occupation 2: the business of buying and selling or bartering commodities 3: an act or instance of… …   Law dictionary

  • Trade secret — Trade Secrets redirects here. For other uses, see Trade Secrets (disambiguation). Intellectual property law Primary rights …   Wikipedia

  • trade — [trād] n. [ME, a track, course of action < MLowG, a track < OS trada, a trace, trail, akin to ME trede, TREAD] 1. Obs. a) a track; path b) a course; regular procedure 2. a) a means of earning one s living; occupation, work, or line of… …   English World dictionary

  • trade fixture — See fixture The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. trade fixture …   Law dictionary

  • trade — trade1 W1S3 [treıd] n ▬▬▬▬▬▬▬ 1¦(buying/selling)¦ 2 the hotel/tourist etc trade 3¦(amount of business)¦ 4¦(an exchange of things)¦ 5 the trade 6¦(job/work)¦ ▬▬▬▬▬▬▬ [Date: 1300 1400; : Middle Low German; Origin: course, way, track ] …   Dictionary of contemporary English

  • business — Employment, occupation, profession, or commercial activity engaged in for gain or livelihood. Activity or enterprise for gain, benefit, advantage or livelihood. Union League Club v. Johnson, 18 Cal.2d 275, 108 P.2d 487, 490. Enterprise in which… …   Black's law dictionary

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