Perter is assessed $630 for street improvements in front of his house. Which of the following statements is correct? Peter must deduct the assessment as a tax. Peter must reduce the property basis by $630. Peter must increase the property basis by $630. Peter can elect to deduct the $630 currently or increase the basis in the property. Riva borrows $10,000 that she intends use purchasing supplies for her business. She temporarily deposits the funds in her present it will be treated trade or business expense. 60 percent will be treated as personal interest expense and 40 percent as trade or business expense. it will all be treated as personal expense. 20 percent will be treated trade or business expense. Charles is a self-employed CPA who maintains a qualifying office in his home. Charles has $110,000 gross income from his practice and $10,000 $14,000 $22,000 $24,000 In 2014, carols filed his 2013 state income tax return and paid taxes of $800. Also in 2014, Carlos his 2013 state income tax return and paid taxes of $800. Also in 2014, Carlos's exployer withheld state income $1, 350 $1, 400 $1, 550 $2, 150