Losses Are Generally Deductible If Incurred in Carrying on a Trade

question 44

True/False

Losses are generally deductible if incurred in carrying on a trade or business or incurred in an activity engaged in for profit.

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Definitions:

Social Desirability

The tendency of respondents to answer questions in a manner that will be viewed favorably by others, often skewing survey or research results.

Commonality

A shared feature, trait, or belief among two or more entities.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Self-fulfilling Prophecy

A belief or expectation that influences behaviors in a way that causes that belief to become true.