Helpful Hints
  • (1) You can search the entire content of Dean’s by phrase or by individual words. Just type your keywords into the search box and then pull down the search icon on the right and choose the option you need: search by word or by phrase or reset the content.
  • (2) Double click on a word in the content of a definition, and if the word is listed as a keyword in Dean’s, it will look that word up.
  • (3) You can use the search function to help jump the scrolling function. Simply type the first 2-3 letters into the search box then hit enter on your keyboard and the scroll will go to those Keywords that begin with those letters and allow you to scroll from there.

See also Taxation (activity not engaged in for profit) 


Since the first income tax act, the provisions authorizing business deductions have varied only slightly. The Revenue Act of 1913 38 Stat. 167, Section II B allowed as a deduction 'the necessary expenses actually paid in carrying on any business.' By 1918, the present form was fixed, and has so continued. 40 Stat. 1066, Sec. 214(a)(1). No regulation has ever been promulgated which interprets the meaning of 'carrying on a business,' nor any rulings approved by the Secretary of the Treasury -- i.e., Treasury Decisions. Cf. Helvering v. New York Trust Co., 292 U. S. 455, 292 U. S. 467-468. See also Biddle v. Commissioner, 302 U. S. 573, 302 U. S. 582. Cf. Estate of Sanford v. Commissioner, 308 U. S. 39, 308 U. S. 52. But see Helvering v. Bliss, 293 U. S. 144, 293 U. S. 151, and McFeely v. Commissioner, 296 U. S. 102, 296 U. S. 108. 


To determine whether the activities of a taxpayer are 'carrying on a business' requires an examination of the facts in each case. All expenses of every business transaction are not deductible. Only those ...

Register or login to access full content



Professors
Professionals
Students