Business activities are distinguished from personal activities in that business activities are motivated by the pursuit of profits.
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Q10: Ralph borrowed $4 million and used the
Q11: The phase "ordinary and necessary" has been
Q12: Reasonable in amount means that expenditures can
Q13: Sole proprietorships must use the same tax
Q14: The deduction for business interest expense is
Q16: Illegal bribes and kickbacks are not deductible
Q17: Only half the cost of a business
Q18: Adjusted taxable income for calculating the business
Q19: When a taxpayer borrows money and invests
Q20: All taxpayers must account for taxable income
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