Expenses Are Deductible Only If Connected to Trade or Business

question 53

True/False

Expenses are deductible only if connected to trade or business or property held for the production of income.

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Definitions:

Thalidomide

A sedative linked to birth defects, especially deformed or absent limbs.

BMI

Body Mass Index, a measure of body fat based on height and weight that applies to adult men and women, used to categorize underweight, normal weight, overweight, and obesity.

Pregnancy

The condition of carrying one or more embryos or fetuses in the womb, typically lasting about nine months in humans.

Weight Gain

An increase in body weight. This can be a result of muscle mass increase, fat deposits, or fluid retention.