QUASI-BUSINESS EXPENSES Definition

QUASI-BUSINESS EXPENSES are those tax deductible expenses that could qualify as a personal or business expense dependent upon the situation, e.g. lavish automobiles, country club dues or dubious travel expenses.

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SERVICE CONTRACT is a contract offered by a retailer for maintaining and repairing a product beyond its manufacturers warranty coverage.

REPOSSESSION is the action of regaining possession, e.g. the seizure of collateral securing a loan that is in default.

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