Quote:
Originally Posted by fourteenandoh
yeah, but he chose to spend the money to get out. it wasn't a necessary expense. i'm no CPA, i'm just curious.
|
In tax law, necessary doesn't mean necessary. Its meaning is closer to useful.
Edit: to give context, I'll note that several tax professors agree that
Bill Belichick can deduct his fine from his income for tax purposes because it is an ordinary and necessary business expense.