Question: Choose whether the following statement is true or false: The phrase ordinary and necessary means that an expense must be appropriate in and helpful for

Choose whether the following statement is true or false: "The phrase "ordinary and necessary" means that an expense must be appropriate in and helpful for generating a profit."Your answer:Briefly explain your rationale:On which tax form does a sole-proprietorship report its income and losses?a. Form 1120b. Form 1120-Sc. Form 1065d. Form 1040, Schedule Ce. None of the above.Your answer:Briefly explain your rationale:

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