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Author Question: During 2016 and 2017, Danny pays property taxes of $3,500 each year on a piece of land. During 2016, ... (Read 215 times)

leilurhhh

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on: Sep 13, 2020
During 2016 and 2017, Danny pays property taxes of $3,500 each year on a piece of land. During 2016, the land is vacant and unproductive. In 2017, Danny uses the land as a parking lot and generates $16,000 in income. Which of the following is true regarding the property taxes?
◦ Capitalize $3,500 each year.
◦ Deduct $3,500 each year.
◦ Capitalize $3,500 in 2016 and deduct $3,500 in 2017.
◦ Either Deduct $3,500 each year or Capitalize $3,500 in 2016 and deduct $3,500 in 2017 is acceptable.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by leilurhhh on Sep 13, 2020

sarahccccc

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Reply #1 on: Sep 13, 2020
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leilurhhh

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Reply 2 on: Sep 13, 2020
YES! Correct, THANKS for helping me on my review

Missbam101

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Reply 3 on: Yesterday
:D TYSM

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