In-Home Office Expenses Which Are Not Deductible in the Year

question 31

True/False

In-home office expenses which are not deductible in the year in which the costs were incurred due to limitations may be carried forward to subsequent years.

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Definitions:

Interstate Commerce Commission

A regulatory agency in the United States established to oversee railroad operations and later expanded to oversee other modes of transportation.

Deregulation

The process of removing or reducing state regulations, typically in the economic sphere to encourage more competition within the industry.

Airlines Industry

An industry composed of companies that provide air transport services for traveling passengers and freight.

Airfares

The amount charged by airlines for a ticket to travel on an aircraft.