Which of the Following Does Not Give Rise to a Business

question 11

Multiple Choice

Which of the following does not give rise to a business expense for self-employed taxpayer's uniforms or special clothing?

• A)A lawyer buys a business suit.
• B)A mascot buys his costume.
• C)A clown buys his costume.
• D)A scientist buys his hazmat suit.
• E)All of these are deductible.

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Definitions:

Depositary Bank

The first bank to receive a check for payment.

Check Is Drawn

The process by which a check is issued by an account holder, instructing their bank to pay a specified sum to a party named on the check.

Check-Processing Time

The duration it takes for a bank to process a check payment, clearing the funds from the payer's account to the payee.

Overdrafts

A financial situation where an individual withdraws or spends more money than is available in their account, leading to a negative balance.