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TruefFaIse Indicate whether the statement is true ori'i's'e. l. A taxpayer who claims the standard deduction can also deduct expenses that are classied as doductionsfor AGI. 2. Expenses incurred in a trade or business are deductible our AOL 3. Bonnie spends $300 for meals on a business trip. Dal).I M SD can be deducted. 4. As a general rule, a cash basis taxpayer must deduct business expenses in the year paid. 5. Fines paid in the course of carrying on a trade or business are deductible if they have a business purpose. ti. The concept of depreciation is based on the premise that the cost of an asset benets more than one accounting period. T. Section 1T9 depreciation can onlyr be deducted in the year an asset is acquired and placed in service. 8. If you use the standard mileage method for auto expense, you can deduct $60 cents per mile in 24} [9. 9. The net prot from a hobby is not taxed. 10. The Qualied Business Income Deduction is equal to 15% of the net income of the business