Moaten Professional Accountants
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Pamela was an officer in Green Restaurant which subsequently went bankrupt. Pamelastarted a new restaurant and to establish goodwill, paid off the debts of $100,000 of Green Restaurant. She was under no obligation to do so. The $100,000 is
Pamela was an officer in Green Restaurant which subsequently went
bankrupt. Pamelastarted a new restaurant and to establish goodwill, paid
off the debts of $100,000 of Green Restaurant. She was under no
obligation to do so. The $100,000 is:
Answer: capitalized now because the expenses are not ordinary. No future amortization is permitted.
Answer: capitalized now because the expenses are not ordinary. No future amortization is permitted.
Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leginjury and must spend most of his time in a wheelchair until his recovery. Alan's physicianrecommends that he install a whirlpool bath in his home for therapy. During the year, Alanmakes the following expenditures:Wheelchair $ 800Whirlpool bath 2,000Maintenance of the whirlpool 250Increased utility bills associated with whirlpool 450Entrance ramp, various home modifications 4,200A professional appraiser tells Alan that the whirlpool has increased the value of his home by $1,000. Alan's deductible medical expenses (before considering limitations based on AGI)will be
Alan, who is a security officer, is shot while on the job. As a result,
Alan suffers from a leginjury and must spend most of his time in a
wheelchair until his recovery. Alan's physicianrecommends that he
install a whirlpool bath in his home for therapy. During the year,
Alanmakes the following expenditures:Wheelchair $ 800Whirlpool bath
2,000Maintenance of the whirlpool 250Increased utility bills associated
with whirlpool 450Entrance ramp, various home modifications 4,200A
professional appraiser tells Alan that the whirlpool has increased the
value of his home by $1,000. Alan's deductible medical expenses (before
considering limitations based on AGI)will be:
Answer: $6,700
Answer: $6,700
In 2011, Charlie filed his 2010 state income tax return and paid taxes of $800. Also in 2011,Charlie's employer withheld state income tax of $750 from Charlie's salary. In 2012, Charliefiled his 2011 state income tax return and paid an additional $600 of state income tax. Howmuch state income tax can Charlie deduct on his 2011 federal income tax return for stateincome tax
In 2011, Charlie filed his 2010 state income tax return and paid taxes
of $800. Also in 2011,Charlie's employer withheld state income tax of
$750 from Charlie's salary. In 2012, Charlie filed his 2011 state income
tax return and paid an additional $600 of state income tax. Howmuch
state income tax can Charlie deduct on his 2011 federal income tax
return for state income tax?
Answer: $1,550
Answer: $1,550
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