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Author Question: Jones, Inc., a calendar-year taxpayer, is in the air conditioner repair business. The business uses ... (Read 53 times)

codyclark

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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.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by codyclark on Sep 13, 2020

Jossy

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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codyclark

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Reply 2 on: Sep 13, 2020
Thanks for the timely response, appreciate it

Sarahjh

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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