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Under LO 9-2 choose three of the reasons that an expense might be disallowed or limited for tax purposes. State the limitation and, if applicable,
Under LO 9-2 choose three of the reasons that an expense might be disallowed or limited for tax purposes. State the limitation and, if applicable, how the limitation is calculated. Give a specific example of an expense that is affected by this limitation (example: parking tickets are not deductible because they go against public policy). Mention if there's a specific reason that the expense is disallowed or limited. How do you think the treatment of each item would change a taxpayer's behavior?
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