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Useful Tax Glossary and Definitions

As a courtesy to our clients, we have compiled a comprehensive list of common tax terms and definitions for quick reference.

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Glossary of Terms

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O

Term Definition
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.