Homework questions for Business Income Tax

q Click to find commands ' X X, A. A. A A. Al 5 AaBbccdd AaBb AaBbci AaBbci AaBbccl Normal Heading 1 Heading 2 Heading 3 Heading 4 Ne Question 34 Jaime is the owner of a business in Mayville, ND. A client paid for a rather large purchase by giving Jaime a $30,000 check on Dec 29, 2020. Jaime was thinking that he could postpone recognizing this income until next year by waiting until January 2, 2021 to deposit the check in her business account. If Jaime deposits the check on January 2, how much must she include in her income for 2020? A. $0 B.$30,000 C.$15000 D. None of these Question 36 John & Tammy own a home in Frisco Texas. This year they rented out their basement for 3 days to some NDSU Bison fans. They received $300 in rental income for the weekend. They received no other rental income this year. How much must they report as income this year? A. $300 B.$150 C.$0 D.NONE OF THESE Question 38 Tommy, an automobile mechanic employed by an auto dealership, is considering opening a fast food franchise. If Tommy decides not to acquire the fast food franchise, any investigation expenses are: A deduction for AGI. A deduction from AGI, subject to the 2 percent floor. Deductible up to $5,000 in the current year with the balance being amortized over a 180-month period. Not deductible. 1