QUESTION 52

1. Under the general requirements of Code Sections 162 and 212 regarding trade/business and income-producing activities, to be deductible an expense must be

   		A required expenditure of the activity
   		Related to carrying on the activity
   		Specifically identified in the Code as deductible
   		Paid or incurred during the taxable year or the preceding year

QUESTION 53

1. Which of the following is fully includable in income?

   		Social security benefits
   		Unemployment compensation
   		Workmen's compensation
   		Disability benefits received from an employee-paid insurance policy