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Describe the record-keeping requirements for deducting business expenses including mixed mode of expenditures? Describe the cost recovery methods for recovering the cost of personal property,

Describe the record-keeping requirements for deducting business expenses including mixed mode of expenditures? Describe the cost recovery methods for recovering the cost of personal property, real property, intangible assets, and natural resources. Give examples. What is an ordinary and necessary business expense? How might this be a grey area for some businesses? use citation

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