David is an independent long-haul trucker. He operates his own trucking business as a sole proprietor. While transporting a customer's inventory across the country, he received a speeding ticket for driving 15 mph over the posted speed limit for trucks on a federal highway. He paid the full fine of $500. He knows that if the $500 is deductible it will reduce the amount of net business income included in his gross income. However, he is not sure whether it is deductible, so has contacted you. Is David able to deduct the $500 speeding ticket as a business expense of his sole proprietorship?

Cite your answer from the United States Internal Revenue Code or Treasury Regulations