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I have the questions typed out in photo. rafacral Styles Research problem #3 chapter 6: Moleri an accrual basis corporation with a fiscal taxable year
I have the questions typed out in photo.
rafacral Styles Research problem #3 chapter 6: Moleri an accrual basis corporation with a fiscal taxable year ending on July 31, owns real estate on which it pays annual property tax to Madison County, Texas. The county assesses the tax for the upcoming calendar year on January 1. and the tax becomes a lien on the property as of the assessment date. Property owners have until March 31 to pay the tax without penalty. Moleri paid it's 2018 property tax of $29,820 on March 11th 2018. How much of this tax payment is deductible on Moleri's tax return for the fiscal year ending July 31, 2018. Research problem #4 chapter 7: Peter Nelson is employed full time as an accountant by an insurance company. In his spare time, he operates a secondary business as a self-employed wedding photographer. On January 3rd of the current year, Peter purchased new video recording equipment for $22,600. Throughout this year, he used this equipment for personal enjoyment (filming his family members on holidays and during vacation). He also used the equipment for business purposes when a client wanted video coverage of a wedding. Peter did not purchase any other property for business use during this year. Peter kept a careful written record of the time that he used the video recording equipment for either personal or business reasons during the year. This record substantiates that he used the equipment 59 percent of the time for personal reasons and 41 percent of the time for business reasons. Can Peter elect to expense any of the cost of the video recording equipment under Section 179Step by Step Solution
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