iness deductions are related to the production of nonbusiness income such as deductions a. Incurred in the production or collection of income b. In c. For the ma 22. Nonbus connection with the determination, collection or refund of any tax nagement, conservation or maintenance of property held for the production of income d. A and C e. A, B and C 23. Which of the following is true? Deductions for AGI are always deductible even if the taxpayer does not itemize a. b. Deductions for AGI are usually more valuable than Deductions from AGI in that c. Deductions from AGI, Itemized Deductions are only deducted if the taxpayers does not d. All of the Above deductions Deductions for AGI reduce AGI and may lower limitations on certain Itemized Deductions take the Standard Deduction 24. Trade or Business Deductions in order to be currently deductible, the expense a. Must be Ordinary and Necessary b. Must be Reasonable in Amount c. Must not be capital in nature d. May be based on estimate or reserve of anticipated amount that will be paid in the future e. May be related to a personal expenditure f. All of the above g. A, B and C of the above 25. Capital expenditures, those resulting in an asset with an estimated useful ife of more than one year, are generally allocated over the tax periods that the expenditure will generate a benefit to the taxpayer as follows: a. Depreciation for tangible property b. Amortization for intangible property c. Depletion for natural resources d. Bonus Depreciation for new qualified property e. Section 179 Expense for new or used qualifying property f. All of the Above