The legislative grace concept dictates that deductible business expenses be grouped into certain categories that include
I.Personal expenses.
II.Trade or business expenses.
III.Expenses for the production of income.

A)Statements I and II are correct.
B)Statements I and III are correct.
C)Statements I, II, and III are correct.
D)Statements II and III is correct.

Question

The legislative grace concept dictates that deductible business expenses be grouped into certain categories that include
I.Personal expenses.
II.Trade or business expenses.
III.Expenses for the production of income.
​
A)Statements I and II are correct.
B)Statements I and III are correct.
C)Statements I, II, and III are correct.
D)Statements II and III is correct.

Quizplus · Accepted Answer

The legislative grace concept allows for the deduction of trade or business expenses and expenses for the production of income, but personal expenses are generally not deductible unless specifically allowed by law.

The Legislative Grace Concept Dictates That Deductible Business Expenses Be