Which of the following does the CARES Act provide? O O A. It increases the interest expense limitation from 30% to 50% for tax years beginning in 2019 and 2020. B. It eliminates bonus depreciation for leasehold improvement property. C. It disallows the deduction of excess business losses by noncorporate taxpayers. O D. It eliminates the employer portion of payroll taxes for 2 years
Which of the following does the CARES Act provide? O O A. It increases the interest expense limitation from 30% to 50% for tax years beginning in 2019 and 2020. B. It eliminates bonus depreciation for leasehold improvement property. C. It disallows the deduction of excess business losses by noncorporate taxpayers. O D. It eliminates the employer portion of payroll taxes for 2 years
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Transcribed Image Text:Which of the following does the CARES Act provide?
OA.
It increases the interest expense limitation from 30% to 50% for tax years beginning in 2019
and 2020.
OB. It eliminates bonus depreciation for leasehold improvement property.
O C. It disallows the deduction of excess business losses by noncorporate taxpayers.
OD. It eliminates the employer portion of payroll taxes for 2 years.
Expert Solution
Step 1: Introduction:
The CARES Act, which stands for the Coronavirus Aid, Relief, and Economic Security Act, was a piece of legislation passed in response to the COVID-19 pandemic in the United States. It included various provisions to provide economic relief and support to individuals and businesses.
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