Which of the following may be deductible in 2018?
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 the above.

Question

Quizplus · Accepted Answer

A) Bribes related to a U.S. business are not deductible expenses under the tax code. 
B) Fines paid for violations of the law are also not deductible expenses. 
C) Interest on a loan used in a hobby is considered a personal expense and is not deductible. Therefore, none of the options are deductible expenses in 2018.

Which of the Following May Be Deductible in 2018