Which of the Following Payments Are Currently Deductible

question 158

Multiple Choice

Which of the following payments are currently deductible?
I.Steve is a self-employed attorney. He pays another attorney $14,000 to represent him in a lawsuit that alleged that he was liable in a personal auto accident.
II.Connie has an investment portfolio in excess of $600,000. She pays Chris $1,000 to do an analysis of her investments and make recommendations on restructuring the portfolio.
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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:

Medical Risks

Potential hazards or adverse effects on an individual's health that may arise from a particular condition, lifestyle, or medical intervention.

Prenatal Care

The healthcare and medical attention provided to a pregnant woman and her developing baby throughout the pregnancy to ensure their health and well-being.

Teen Mothers

Young female individuals who have children during their teenage years.

Welfare

Governmental support intended to ensure the basic well-being of citizens, often in the form of financial aid.