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Article: The evolution of a key internal revenue code section: the home office deduction.
- Article from:
- Entrepreneurial Executive
- Article date:
- January 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 The DreamCatchers Group, LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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INTRODUCTION
Under the Internal Revenue Code (IRC), taxpayers have traditionally been able to deduct all of the "ordinary and necessary" expenses of conducting a trade or business from the revenue generated by such business (Internal Revenue Code [section] 162). For those not engaged in a regular "trade or business but who nevertheless derive some income from a certain activity, their expenses related to the production of that income are also deductible (Internal Revenue Code [section] 212). Thus, many taxpayers have in the past been deducting the cost of maintaining an office at home where they conduct either a regular business or some income producing ...
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