Taxpayers May Deduct Legal Fees Incurred in the Acquisition of Property

question 15

True/False

Taxpayers may deduct legal fees incurred in the acquisition of property.

---

Definitions:

Economic Recovery

The process of overcoming a period of economic downturn or recession, characterised by a resurgence in business activity, employment, and output.

World Depression

A worldwide economic downturn, most notably the Great Depression of the 1930s, which had profound effects on global economies and societies.

Federal Government

The central authority of the United States, composed of the legislative, executive, and judicial branches, responsible for governing the country at a national level.

African-Americans

Citizens of the United States with total or partial ancestry from any of the black racial groups of Africa.