In certain cases, Congress has specifically prohibited or limited the ability of a business to deduct an expenditure that otherwise appears to meet the general business expense deductibility requirements.

Identify and briefly explain three different examples of such prohibitions or limitations. For each example, provide the most likely reason why Congress was motivated to make such a rule.

Answer rating: 100% (QA)

Tax Deductible Business Expenses tible Tax deductible expenses are almost any ordinary necessary and reasonable expenses that help to earn business income Deductible expenses are those that can be sub... View the full answer