16. An individual may elect to use ACRS depreciation in lieu of the applicable MACRS rules. 17. IRC 162 requires an expenditure to be ordinary or necessary in order to be deductible. 18. A nonbusiness bad debt is always treated as a long-term capital loss for tax purposes. 19. No deduction is allowed for the cost of any business gift. 20. A taxpayer who charges an expense to a credit card is deemed to have borrowed cash and made payment at the time the charge is made. 16. An individual may elect to use ACRS depreciation in lieu of the applicable MACRS rules. 17. IRC 162 requires an expenditure to be ordinary or necessary in order to be deductible. 18. A nonbusiness bad debt is always treated as a long-term capital loss for tax purposes. 19. No deduction is allowed for the cost of any business gift. 20. A taxpayer who charges an expense to a credit card is deemed to have borrowed cash and made payment at the time the charge is made