1. A business bad debt is deductible for tax purposes as a(n):

A) Short-term capital loss

B) Itemized deduction

C) Long-term capital loss

D) Ordinary business deduction

2. To be deductible for tax purposes, trade or business expenses must be:

A) Ordinary and necessary

B) Reasonable in amount

C) Related to an activity which is deemed to be a trade or business

D) All of the above

3. The process used to recover the cost of intangible assets over time is known as:

A) Amortization

B) Depletion

C) Depreciation

D) None of the above