No Deduction Is Allowed for the Cost of Cosmetic Surgery

question 31

True/False

No deduction is allowed for the cost of cosmetic surgery unless it is necessary to ameliorate a congenital deformity, a personal injury arising from an accident or trauma, or a disfiguring disease.

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Definitions:

Direct NCI

Direct Non-Controlling Interest refers to the percentage of equity in a subsidiary not held by the parent company, directly showcasing the minority shareholders' stake in the profits and losses.

Economic Entity

A unit such as a company or organization that performs economic activities and is capable of possessing assets, incurring liabilities, and conducting business transactions.

Direct Ownership Interest

A situation where an individual or entity directly owns shares or stakes in a company, allowing for direct control or influence over the company.

Ownership Interest

A share or stake denoting possession or control in a company, allowing the holder certain rights and privileges.