By Bryan Camp ( July 15, 2019, 3:49 PM EDT) -- It takes money to make money. Generally Congress allows taxpayers to deduct the money it takes from the money they make. That's the idea in Internal Revenue Code Section 162.[1] But Section 162's deceptively simple language — allowing a deduction for all "the ordinary and necessary expenses paid or incurred in carrying on a trade or business" — has gaps, to be filled by other statutes. For example, Sections 183[2] and 212[3] apply the Section 162 idea to activities that are not a "trade or business" but still produce income and have associated costs....
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