True or False
1) A deduction will be allowed for an expenditure unless the Internal Revenue Code specifically disallows it.
2) According to the tax formula, individuals can deduct the greater of for AGI deductions or from AGI deductions.
3) Expenses incurred in a trade or business generally are deductions for AGI.
4) Fees paid to prepare a taxpayer's Schedule C of the tax return (Profit or Loss from Business) are for AGI deductions.
5) In order for an expense to be ordinary, it must be reasonable in amount and it must bear a reasonable and proximate relationship to the income-producing activity or property.
6) Interest expense on debt incurred to purchase or carry tax-exempt securities is not tax deductible.
7) Kickbacks and bribes paid to federal officials are deductible only if related to the taxpayer's trade or business.
8) Taxpayers may deduct lobbying expenses incurred to influence legislation at any governmental level if the legislation is of direct interest to the taxpayer's trade or business.
9) Business investigation expenses incurred by a taxpayer who is already involved in a similar business and who enters the new business are deductible currently.
10) Fines and penalties are tax deductible if related to the taxpayer's trade or business.