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.

---

Definitions:

Defense Mechanism

Psychological strategies unconsciously used to protect oneself from anxiety arising from unacceptable thoughts or feelings.

Motor Vehicle Accident

An unintended and harmful event involving one or more vehicles, often resulting in injury or damage.

Prolonged Stress

A continuous state of mental or emotional strain and tension that can lead to various health problems if not managed properly.

Allostasis

The process by which the body responds to stressors and seeks to return to homeostasis, or stability, through physiological and behavioral changes.