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Which of the following best completes the sentence about indirect expenses? Expenses indirectly allocable to both taxable and tax-exempt income are: Allocated between taxable and

Which of the following best completes the sentence about indirect expenses? Expenses indirectly allocable to both taxable and tax-exempt income are:

Allocated between taxable and tax-exempt income.

Nondeductible.

Allocated only to taxable income.

Allocated only to tax-exempt income.

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