Which of the following is not required for an expenditure to be deductible as a business or investment expense?
A. ordinary and necessary
B. recurring in nature
C. reasonable in amount
D. incurred by the taxpayer
Answer: B
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Indicate whether the statement is true or false
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The nominal rate of return minus the inflation rate is called the
A) stated rate of return. B) standard rate of return. C) real rate of return. D) Fisher effect. E) none of the above.
Jane and Joseph Sechrist signed a contract to have a swimming pool built in their backyard for $10,000. The salesman for the pool company signed the contract as well on a space marked "Salesperson." Two days after the contract was signed, the salesman called the Sechrists back and asked them to come in and sign a new contract for $11,000 because the vice president had not approved the original
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