Tests for deductibility include

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Reference no: EM131451522

Your friend has lost her job and in unable to pay the property taxes on her home. You decide to pay her property taxes and take the deduction on your tax return. You are permitted to take this deduction because you paid the taxes in the current tax year.

True

False

Political contributions can be deducted if they are paid to a tax-exempt organization because the taxpayer does not directly influence legislation, participate in a political campaign or influence the general public with respect to elections, legislative matters or referendums.

True

False

Tests for deductibility include all of the following except

A. Realizable

B. Necessary

C. Reasonable

D. Ordinary

Reference no: EM131451522

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