Match Each Statement with the Correct Term Below

question 151

Multiple Choice

Match each statement with the correct term below.
-Amortizable or deductible expense

• A)Automobile used 75% for business.
• B)Investment interest expense on loan to acquire municipal bonds.
• C)Cost of investigating a new trade or business that the taxpayer enters.
• D)Can be separated into two classifications.
• E)Expenses related to royalty income
• F)Expenditure to influence legislation.
• G)Cost of a new roof for office building.
• H)Relates to an income producing activity mainly carried on for recreation or personal enjoyment.
• I)Deductibility depends on income and amount of personal and rental use.
• J)Deductibility depends on whether the area is used exclusively for trade or business activities.

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Definitions:

Chronic Bronchitis

A long-term inflammation of the bronchi in the lungs, characterized by coughing and difficulty breathing.

Nodular Lesions

Small, rounded masses or lumps of abnormal tissue, often found in organs or the skin, which can be benign or malignant.

Pulmonary Fibrosis

A lung disease that occurs when lung tissue becomes damaged and scarred, causing severe breathing difficulties and reduced oxygen supply to the bloodstream.

Asbestosis

A lung disease resulting from the inhalation of asbestos particles, causing scarring of lung tissue.