37. LO.2, 3 Vito owns and operates a news agency (as a sole proprietorship). During 2013, he...

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37. LO.2, 3 Vito owns and operates a news agency (as a sole proprietorship). During 2013, he incurred expenses of $600,000 to increase circulation of newspapers and magazines that his agency distributes. For regular income tax purposes, he elected to expense the

$600,000 in 2013. In addition, he incurred $120,000 in circulation expenditures in 2014 and again elected expense treatment. What AMT adjustments will be required in 2013 and 2014 as a result of the circulation expenditures?

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South-Western Federal Taxation 2014 Corporations Partnerships Estates And Trusts

ISBN: 9781285424484

37th Edition

Authors: William H. Hoffman Jr., William A. Raabe, James E. Smith, David M. Maloney, James C. Young

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