Ellis Corp., a calendar year cash basis taxpayer, paid a $6,580 premium for a 36...
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Accounting
Ellis Corp., a calendar year cash basis taxpayer, paid a $ premium for a month term casualty insurance policy. Ellis can deduct the full $ in the payment year.
a True
b False
Ivanhoe Inc. was established on July and commenced operations on October choosing a calendar year for tax purposes. It incurred $ in legal and professional fees related to its startup. What portion of these costs can Ivanhoe deduct in its initial tax return?
a $
b $
c None of these choices are correct
d
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