1. "All income must be reported, and all deductions are allowed unless specifically disallowed in the Code."
1. “All income must be reported, and all deductions are allowed unless specifically disallowed in the Code.” Discuss. 2. Why would a taxpayer elect the reduced deduction election? Be sure to discuss the election and provide examples of situations where this election is beneficial to a taxpayer. Explain both in a minimum of 160 words with no plagiarism.
Content
1. “All income must be reported, and all deductions are allowed unless specifically disallowed in the Code.” Discuss.
2. Why would a taxpayer elect the reduced deduction election? Be sure to discuss the election and provide examples of situations where this election is
beneficial to a taxpayer.
Explain both in a minimum of 160 words with no plagiarism.
