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Your client, Sam, is a small business taxpayer. He is under the impression that every...

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Question

Accounting

Your client, Sam, is a small business taxpayer. He is under the impression that every dollar he spends currently related to his business will reduce his taxable income.

Required:

1 - Why are some expenses not deductible? Provide an example of an expense to support your response.

2 - Explain what actions Sam could take to turn a disallowed expense into a deductible expense.

3 - Provide an alternative example of where Sam might have an expense disallowance.

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