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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.

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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. 

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