Which of the Following Expenditures Are Not Deductible Because They

question 79

Multiple Choice

Which of the following expenditures are not deductible because they are personal in nature?
I.Premiums paid on liability insurance for the taxpayer.
II.Education costs that improves the taxpayer's skills in his/her trade or business.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Consciousness

The state or quality of awareness, or, of being aware of an external object or something within oneself.

Growing Child

A developmental stage encompassing the physical, emotional, and intellectual growth and changes that occur in a person from infancy through adolescence.

Prevents Ovulation

Describes a process or substance that stops the ovary from releasing an egg, used in various contraceptive methods to prevent pregnancy.

Inhibits Fertilization

Describes a process or substance that prevents the union of sperm and egg, subsequently blocking conception.