1. The following intangible items are incurred on Jan 1st. What is the maximum allowable...
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Accounting
1.
The following intangible items are incurred on Jan 1st. What is the maximum allowable deduction? Goodwill from an acquisition of $45,000. No impairment has occurred.
Pick from the following
$2,000 $3,000 $45,000 $8,000 $3,333
2.
You are an accountant. You are interested in starting a baby clothing boutique. Last year, you spend $2,800 on surveying potential locations and some initial logo designs. You decided to buy a location to open your boutique this year. You pay an additional $4,000 in fees to open the store. Both items are considered start-up expenses. On September 1st of the current year, the boutique opens. What are your current year deductions?
Pick from the following
$5,010 $4,000 $5,040 $6,800 $5,120 $5,000
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