Other Objective Questions
Designate whether the following expenses are fully deductible (F), partially deductible (P), or nondeductible (N) in the year paid.
-Which of the following is not required to deduct an expenditure as a business expense?
A) ordinary and necessary
B) reasonable in amount
C) incurred by the taxpayer
D) recurring every year

Question

Quizplus · Accepted Answer

Recurring every year is not a requirement for an expenditure to be deductible as a business expense. The key requirements are that the expense must be ordinary, necessary, and reasonable in amount.

Other Objective Questions Designate Whether the Following Expenses Are Fully Deductible (F), Partially