Identify the following provisions as deferral (D) or exclusion (E) provisions.
-Loss on personal auto sale
A)deferral(D)
B)exclusion(E)

Question

Quizplus · Accepted Answer

Losses on personal use property, such as a personal auto, are not deductible for tax purposes, which means they are neither deferred nor recognized, effectively making them an exclusion in the context of taxable income calculation.

Identify the Following Provisions as Deferral (D) or Exclusion (E)