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State whether it is true or false for the following : 7. 8....

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Accounting

State whether it is true or false for the following :

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7. 8. Current income tax law allows a deduction for IRC 212 expenditures associated with rent or royalty income as a deductions "from" adjusted gross income. In applying the 40% rule to determine whether the mid-quarter convention must be used, any MACRS property placed in service and disposed of within the same tax year is disregarded. To be "ordinary" under IRC 162, an expense must be habitual or recurring. 9

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