statements is true? A.Deductions are not allowed unless there is a specific law authorizing the deduction. B.Deductions are defined simliar to the gross income definition. C.Deductions are always allowed for expenses related to a trade or business. D.Deductions are never allowed for personal expenses
statements is true? A.Deductions are not allowed unless there is a specific law authorizing the deduction. B.Deductions are defined simliar to the gross income definition. C.Deductions are always allowed for expenses related to a trade or business. D.Deductions are never allowed for personal expenses
Chapter3: Business Income And Expenses
Section: Chapter Questions
Problem 1MCQ
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Question
Which of the following statements is true?
A.Deductions are not allowed unless there is a specific law authorizing the deduction.
B.Deductions are defined simliar to the gross income definition.
C.Deductions are always allowed for expenses related to a trade or business.
D.Deductions are never allowed for personal expenses.
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