Tax Glossary

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Ordinary and necessary

A statutory requirement for the deductibility of a business expense.

Ordinary income

Income other than capital gains.

Ordinary loss

A loss other than a capital loss.

Original issue discount (OID)

The difference between the face value of a bond and its original issue price. OID is reported on an annual basis as interest income.

advertisement