Taxpayers are generally allowed to claim deductions for expenditures unless a specific tax provision indicates the expenditure is not deductible.In contrast to the all-inclusive treatment of income,taxpayers are not allowed to deduct anything unless a specific tax provision allows them to do so.

Question

Quizplus · Accepted Answer

Taxpayers can only claim deductions if a specific tax provision allows it, unlike income which is generally taxable unless specifically excluded.

Taxpayers Are Generally Allowed to Claim Deductions for Expenditures Unless