34. Match the proper deduction method with the correct expenditures. a. Capitali

Question

34. Match the proper deduction method with the correct expenditures. a. Capitalized and amortized over a number of accounting periods b. Expensed in the period incurred c. Not deductible d. Can be capitalized and amortized or deductible depending on the amount of the expenditure Betterment Covenant not to compete for 4 years Fire and casualty insurance premium on business warchouse Hobby loss Illegal gambling operation expenses Investment expenditures related to earning interest from municipal bonds 81

Explanation / Answer

Betterment CapitaliZed and amortised over a number of accounting periods Covenant not to compete for 4 years Can be capitaliZed and amortized or deductible depending on the amount of the expenditure Fire and causality insurance premium on business warehouse Expenses in the period Incurred Hobby Loss Not Deductible Illegal gambling operating expenses Not Deductible Investment expenditures relating to earning interest from municipal bonds Not Deductible, Interest from Municipal bonds is Not taxable

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