Which of the following is a true statement?
A) Interest expense is not deductible if the loan is used to purchase municipal bonds.
B) Insurance premiums are not deductible if paid for "key man" life insurance.
C) One half of the cost of business meals is not deductible.
D) All of the choices are true.
E) None of the choices are true.

Question

Quizplus · Accepted Answer

Interest expense on loans used to purchase municipal bonds is not deductible, insurance premiums for "key man" life insurance are not deductible, and only half of business meal expenses are deductible.

Which of the Following Is a True Statement