Which of the following is/are currently deductible trade or business expenses?
I.Personal property taxes on a hot air balloon operated as a hobby.
II.Interest paid on the mortgage note on a business warehouse.

A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Question

Which of the following is/are currently deductible trade or business expenses?
I.Personal property taxes on a hot air balloon operated as a hobby.
II.Interest paid on the mortgage note on a business warehouse.
​
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Quizplus · Accepted Answer

Personal property taxes on a hot air balloon operated as a hobby are not currently deductible as a trade or business expense. However, interest paid on a mortgage note on a business warehouse is currently deductible as a trade or business expense.

Which of the Following Is/are Currently Deductible Trade or Business