Final answer:
The statement is false; business losses are not deductible purely at the discretion of the taxpayer, as tax laws have specific rules governing the deduction of losses.
Step-by-step explanation:
The statement that business losses incurred in the current year would be deductible in the current year or future years, at the discretion of the taxpayer, is false. Business losses are like a dark cloud over a company, and how these losses are handled can be critical to a business's survival. In the short term, a company might continue operating despite losses if it can cover its variable costs, but in the long run, sustained losses could lead to the company exiting the market. This exit process is a result of a longer-term inability to become profitable, not a discretionary choice related to tax deductions. Tax laws have specific rules regarding the deduction of business losses, including carryback and carryforward provisions, but these are subject to regulatory frameworks rather than purely the taxpayer's discretion.