Which of the following may be deductible?
A)Bribes that relate to a U.S.business.
B)Fines paid for violations of the law.
C)Interest on a loan used in a hobby.
D)All of the above.
E)None of these.

Question

Quizplus · Accepted Answer

Choices a.and b.are not deductible.Interest incurred in connection with a hobby may be deductible,depending on the amount of the gross income from the hobby and the application of the 2%-of-AGI floor.

Which of the Following May Be Deductible