Question

What IRS code section would provide for the inclusion of the performance of services?

What IRS code section provides for the deductibility of trade or business expenses?

Answer 1

Solution

(1)

Answer: Internal Revenue Code (IRC or the “Code”) § 83 provides for the determination of the amount to be included in gross income and the timing of the inclusion when property is transferred to an employee or independent contractor in connection with the performance of services.

(2)

Answer: Internal Revenue Code (IRC or the “Code”) § 162 allows deductions for ordinary and necessary trade or business expenses paid or incurred during the course of a taxable year.