a loss realized for property destroyed in a hurricane is deferred under the involuntary conversion

true or false

the deduction for business interest expense is limited to the sum of 1business interest income and 2 30 percent of the adjusted taxable income of the taxpayer for the taxable year

true or false

A business generally adopts a fiscal or calendar year by using that year end on the first tax return for the business

true or false

the all events test and the economic performance test determines the period in which an expenditure may be deducted for tax purposes

true or false

Ranger athletic equipment use the accrual method and reports on a calendar year ranger provides two yr warranties on all sales of equipment this yr ranger estimated warranty expense for bok purposes and he accrued 1 million of warranty expenses ranger total warranty repair costs during the year were 400,000 what can ranger deduct for warranty expense on the tax return for this year -solve and show work