1 a calendar-year corporation incurs 32000 of start-up, Ask an Expert

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1. A calendar-year corporation incurs $32,000 of start-up costs. If the corporation begins business on October 1, 2016, what is the maximum amount of the $32,000 of start-up costs that it can deduct against business income in 2016?

2. Alice Capone owns an illegal gambling business. The business had the following operating expenses: rent $60,000, utilities $15,000, wages $100,000, political contributions $60,000 and bribes to government employees $50,000. What is the amount of business expenses Alice can deduct?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92101155

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