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can someone help me with MCQ Part I: Multiple Choice ( 60 points 3 points each) 1. Hilltop Corp. acquires Alexandria Inc. for $2,500,000 in
can someone help me with MCQ
Part I: Multiple Choice ( 60 points 3 points each) 1. Hilltop Corp. acquires Alexandria Inc. for $2,500,000 in a taxable transaction on March 1. The transaction resulted in $500.000 of goodwill? Compute Hilttop's goodwill amortization for this year. a. $0. b. $27,778 c. $33,333 2. Negan works as an arms smuggler and reported the following results for 2022 What is Negan's AGI? a. $200.000 b. $275.000 c. $350.000 d. $600.000 3. Rick. a calendar year cash basis taxpayer, currently owns and operates several farm supply stores in Iowa. and wants to expand his business to other states. During the year. he spends $30.000 to investigate the potential purchase of stores in Nebraska and $20.000 to investigate stores in Missouri. He acquires the Nebraska locations. but not the outlets in Missouri. The Nebraska stores are acquired on July 1. As to these expenses, Rick should: a. Capitalize $30,000, and not be able to deduct the other $20.000. b. Deduct only $30.000 now c. Deduce $5.667 now d. Deduct all $50.000 If a vacation home is determined to be a personal/rental mixed-use residence. which of the following statements is correct? a. All rental income is included in gross income. b. All rental related expenses are fully deductible c. Expenses must be allocated between rental and personal use. d. Only a. and c. are correct Step by Step Solution
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