Various criteria will disqualify the deduction of a business or ...

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Question 1

To be tax deductible, an expense must be all of the following except
◦ ordinary and necessary.
◦ paid in cash.
◦ reasonable in amount.
◦ an expense of the taxpayer.

Question 2

Various criteria will disqualify the deduction of a business or investment related expenditure.  Which of the following criteria will not disqualify a business or investment expenditure?
◦ capital expenditure
◦ expenses related to tax-exempt income
◦ expenses are not incurred annually
◦ expenses are illegal or in violation of public policy

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