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:

Cones

Photoreceptor cells in the retina of the eye that are responsible for color vision and function best in relatively bright light.

Vision

the ability to see; the faculty of sight.

Color

The characteristic of visual perception described through hues, such as red, blue, and yellow, determined by the spectrum of light.

Lens

A transparent optical device used to converge or diverge transmitted light and to form images.