A taxpayer may deduct a fine for illegal parking if:
A)No parking spaces are available
B)Persons making deliveries to this business regularly receive parking tickets
C)The fine does not exceed $50
D)Fines are not deductible

Question

Quizplus · Accepted Answer

Fines for illegal parking or any other violations of law are not deductible for tax purposes, regardless of the circumstances or the amount of the fine. This is because the tax code generally prohibits deductions for expenses that are against public policy, including fines and penalties paid to a government for the violation of any law.

A Taxpayer May Deduct a Fine for Illegal Parking If