Which statement is not true? Section 162 authorizes business deductions for only salaries, travel, and rental expenses. A taxpayer must satisfy multiple requirements under LR.C. $162, including that an outlay is "ordinary. "necessary," an "expense;" and was incurred "carrying on a trade or business." Even if all the requirements of I.RC. $162 are met, other provisions of the Code may operate to deny a deduction. All of the above are true