Prior to beginning work on this discussion forum, read Chapter 6 in the textbook.
In your own words, define a trade or business, and then discuss the concepts of ordinary, necessary, and reasonable in relation to trade or business expenses.
Guided Response: Respond to at least two of your classmates by commenting on their posts in a substantive manner. Though two replies are the basic expectation for class discussions, for deeper engagement and learning you are encouraged to provide responses to any comments or questions from others. Continuing to engage with peers and the instructor will further the conversation and provide you with opportunities to demonstrate your content expertise, critical thinking, and real-world experiences with the discussion topics.