Significant Court Cases, Revenue Rulings, Internal Revenue Codes, and Treasury Regulations - Business Expenses
Revenue Ruling 98-25
The costs incurred to replace underground storage tanks containing waste byproducts (including the cost of removing, cleaning, and disposing of the old tanks, and acquiring, installing, and filling the new tanks) are deductible as ordinary and necessary business expenses under section 162 of the Internal Revenue Code.
Internal Revenue Code Section 132
Gross income shall not include any fringe benefit which qualifies as a:
- no-additional -cost service
- qualified employee discount
- working condition fringe
- de minimis fringe
- qualified transportation fringe
- qualified moving expense reimbursement
Internal Revenue Code Section 267
No deduction shall be allowed in respect of any loss from the sale or exchange of property, directly or indirectly, between related parties.
Note: This page contains one or more references to the Internal Revenue Code (IRC), Treasury Regulations, court cases, or other official tax guidance. References to these legal authorities are included for the convenience of those who would like to read the technical reference material. To access the applicable IRC sections, Treasury Regulations, or other official tax guidance, visit the Tax Code, Regulations, and Official Guidance page. To access any Tax Court case opinions issued after September 24, 1995, visit the Opinions Search page of the United States Tax Court.