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There are 10 questions total

13. LO.2 Aubry, a cash basis and calendar year taxpayer, decides to reduce his taxable income for 2014 by buying $65,000 worth of supplies for his business on December 27, 2014.  The supplies will be used up in 2015.

 

                a.            Can Aubry deduct the expenditure for 2014?

 

                b.            Would your answer in part (a) change if Aubry bought the supplies because the seller was going out of business and offered a large discount on the price?  Explain.

 

23. LO.3 Paul operates a restaurant in Cleveland.  He travels to Columbus to investigate acquiring a business.  He incurs expenses as follows:  $1500 for travel, $2000 for legal advice, and $3500 for a market analysis.  Based on the different tax consequences listed below, describe the circumstances that were involved in Paul’s investigation of the business.

 

                a.            Paul deducts the $7000 of expenses.

 

                b.            Paul cannot deduct any of the $7000 of expenses.

 

                c.             Paul deducts $5000 of the expenses and amortizes the $2000 balance over a period of 180 months.

 

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