Business > TEST BANK > Test Bank and Solution Manual For McGraw-Hill's Taxation of Individuals and Business Entities 2021 E (All)
Student name:__________ TRUE/FALSE - Write 'T' if the statement is true and 'F' if the statement is false. 1) The Internal Revenue Code authorizes deductions for trade or business activities if the ... expenditure is "ordinary and necessary." ⊚ true ⊚ false 2) Business activities are distinguished from personal activities in that business activities are motivated by the pursuit of profits. ⊚ true ⊚ false 3) The phrase "ordinary and necessary" has been defined to mean that an expense must be essential and indispensable to the conduct of a business. ⊚ true ⊚ false 4) Reasonable in amount means that expenditures can be exorbitant as long as the activity is motivated by profit. ⊚ true ⊚ false 5) The test for whether an expenditure is reasonable in amount is whether the expenditure was for an "arm's length" amount. [Show More]
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