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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.

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Page Last Reviewed or Updated: 24-Aug-2016