Deduction concepts and constructs include which of the following?
I.Legislative Grace Concept.
II.Business Purpose Concept.

Question

Deduction concepts and constructs include which of the following?
I.Legislative Grace Concept.
II.Business Purpose Concept.
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Quizplus · Accepted Answer

Both the Legislative Grace Concept and the Business Purpose Concept are integral to understanding deductions in tax law. The Legislative Grace Concept suggests that deductions are allowances by the government, not inherent rights, while the Business Purpose Concept requires that expenses must be ordinary and necessary for a business to be deductible.

Deduction Concepts and Constructs Include Which of the Following