Which of the following is not required for an expenditure to be deductible as a business or investment expense?
A) reasonable in amount
B) incurred by the taxpayer
C) ordinary and necessary
D) recurring in nature

Question

Quizplus · Accepted Answer

An expenditure does not need to be recurring in nature to be deductible as a business or investment expense. It must be reasonable, incurred by the taxpayer, and ordinary and necessary.

Which of the Following Is Not Required for an Expenditure