Question: Under Sec. 267, current deductions may not be taken for certain transactions between related parties. a. Who is considered a member of a taxpayers family

Under Sec. 267, current deductions may not be taken for certain transactions between related parties.
a. Who is considered a member of a taxpayer’s family under the related party transaction rules of Sec. 267?
b. Identify some of the other relationships that are considered related parties for purposes of Sec. 267. Why are these other relationships included in the definition?

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