Illegal Bribes and Kickbacks Are Not Deductible as Business Expenses

question 128

True/False

Illegal bribes and kickbacks are not deductible as business expenses but fines imposed by a governmental unit are deductible as long as the fines are incurred in the ordinary course of business.

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Definitions:

Memory Function

The cognitive processes involving the encoding, storing, and retrieving of information by the brain.

Concrete-Operational

A stage of cognitive development in Jean Piaget’s theory, where children ages 7 to 12 develop logical thinking but still struggle with abstract concepts.

Long-Term Memory

The memory structure capable of relatively permanent storage of information.

Rote Learning

A memorization technique based on repetition, often without understanding the underlying content.