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1. Regular allowable itemized deductions include interest expense, taxes paid in connection with a trade or business, losses actually sustained, bad debts, depreciation, depletion, charitable contributions, contributions to pension trusts, and research and development costs. 2. Interest expense deductions are limited to 33% of interest income to prevent arbitrage. Taxes connected to a trade can be deducted except for income taxes. Losses must be ordinary losses, not capital losses. 3. Other deductible e

Author

Rochel Ada-ol

Language

EN