Which of the Following Is Deductible as a Trade or Business

question 34

Multiple Choice

Which of the following is deductible as a trade or business expense?

• A)A city coroner contributes to the mayor's reelection campaign fund.
• B)Illegal bribes and kickbacks.
• C)Two-thirds of treble damage payments.
• D)Fines and penalties.
• E)None of the above.

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Definitions:

Revocation

The official cancellation or withdrawal of a decree, decision, or promise.

Executor

An individual appointed by a testator to carry out the terms of their will.

Intestate

Referring to dying without a legal will, resulting in the distribution of the estate according to state laws.

Per Stirpes

a legal term indicating a method of distributing an estate where descendants inherit a deceased beneficiary's share in an estate.