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Which of the following describes the tax treatment of deductions for an activity determined to be non business for profit? A. deductions are allowable if
Which of the following describes the tax treatment of deductions for an activity determined to be non business for profit? A. deductions are allowable if allowed as a for-profit activity; gross income must exceed deductions. B. in general, deductions are allowable for all ordinary and necessary expenses paid or incurred during the taxable year. C. Deductions are strictly disallowed by IRC 162. D. Deductions are strictly limited by specific rules in IRC 183.
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