Abstract
A business may reduce its gross income by its expenses to arrive at taxable income; however, not all money paid out by a business during its tax year is deductible in that year. The distinction between business expenses which are deductible under section 1622 and capital expenditures which are not currently deductible under section 2633 is probably the most difficult one to discern in the entire area of business deductions, principally because so many disparate elements are encompassed within the capital expenditure doctrine.
Recommended Citation
John W. Lee & Nina R. Murphy,
Capital Expenditures: A Result in Search of a Rationale,
15
U. Rich. L. Rev.
473
(1981).
Available at:
https://scholarship.richmond.edu/lawreview/vol15/iss3/3