Author Question: Jones, Inc., a calendar-year taxpayer, is in the air conditioner repair business. The business uses ... (Read 83 times)

codyclark · **on:** Sep 13, 2020

Question 1

In which of the following situations are points paid on a home mortgage loan not deductible in the year of payment?
◦ purchase
◦ refinance
◦ construction
◦ improvement

Question 2

Jones, Inc., a calendar-year taxpayer, is in the air conditioner repair business. The business uses the cash method. In December of the current year, Jones charged $100 of supplies at Refrigeration, Inc., (he will pay the credit card bill in January) and also purchased $600 of supplies at XYZ on open account (he will make a payment on the open account in January). What is the amount that is deductible by Jones, Inc., in the current year?
◦ $100
◦ $600
◦ $700
◦ The amounts must be capitalized and charged to expense as used.

Jossy · **Reply #1 on:** Sep 13, 2020

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