QUESTION 1 1. Is it possible for a deduction of $25.000 to actually reduce taxable income by more than $25.00 no why now! TTT Arial + 3 (120 T-E-IE- Path:p Word QUESTION 2 1. James opened a new business selling guns. New York state ordered him to shut down his store because he was accused of selling guns to people in violation of New York law. He spent $50,000 in attorney's fees to challenge the order. He lost and had to close the business. Is the $50.000 deductible? Why or why not? 19 TT Arial 3 (12pt) T-s- Save Antwer ue and Submit to save and suburit. Click Save All Answers to save all answers. MacBook Pro 988 1