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- Which of the following transactions would most likely be a deductible repair under s 25-10? a. Repair of damage to property that existed at the time of purchase but was not known to the purchaser. b. Repainting a rental property after purchase but before tenants move in. c. Repainting a rental property in-between tenants vacating and new tenants moving in. d. Mechanical repairs to a vehicle that was not drivable at the time of purchase.Depreciation on rental property is an A. expense deductible against income B. out-of-pocket expense to the owner. C. Item which must be capitalized. D. Itemized one-time deduction.Legal fees paid in connection with the purchase of property are subtracted from the buyer's basis in the property. True or false
- In light of your study of the main conditions mentioned in the definition, mention why are or are the following items not considered assets? T. . Deferred income taxes, Signing a construction contract witha value of $ 0 0,0 0 1,0 $, the cost of a previous service, training of employees, the trade name developed internallyHow can we determine the amount of property taxes over the machine's depreciable life?Which of the following statements regarding the IRS and/or Tax Court approaches to allocating home-related expenses between rental use and personal use is correct? O4 The Tax Court approach allocates more property tax and interest expense to rental use than does the IRS approach. Ob The Tax Court and the IRS approaches allocate the same amount of expenses, other than interest expense and property taxes, to rental use Oe The IRS approach allocates interest expense and property taxes to rental use based on the ratio of the number of days of rental use to the total days of the year. Od. None of the choices are correct. QUESTION 17
- What would be the tax treatment of a superficial loss? a. Permanently denied. b. Immediately deductible. c. Deducted from the adjusted cost base (ACB) of the reacquired property. d. Added to the ACB of the reacquired property for the purposes of determining the future capital gain or loss when the property was sold.Which of the following expenditures would be included in the cost of a fixed asset? Oa. Sales taxes Ob. Vandalism Oc. Uninsured theft Od. Mistakes in installationThe debit sale for sales tax paid on the purchase of a plant asset would be included in a. The plant asset account b. A separate deferred charge account c. Miscellaneous tax expense d. Accumulated depreciation-machinery
- Which of the following payments made by tenant would NOT be included as consideration for property tax purposes? Select one: a. Rent. b. Refundable deposit. c. Management fee. d. Property tax.Fire loss sustained on business asset which was insured is deductible- a. In the period of loss b. In the period of insurance settlement c. In the period deemed practical by the taxpayer d. It is not deductible because the lost asset was insuredProperty taxes, office expenses, and insurance and depreciation on nonmanufacturing assets are included in the?