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Question: 1. Ramon started a new business in 2014 and incurred organization expenses of $51,000 and start up expenses of $32,000. Ramon opened his business on 8/26/2014. How much total 2014 tax deductions will Ramon be able to take for the above 2 items (rounded)?

a) $12,028

b)$11,056

c)$6,194

d)$2,036

e) none of the above

2. High Tech Enterprises purchased a patent from Aerospace industries for $600,000 on 4/19/2014. Aerospace was granted his original patent 7 years ago from the US patent office. How much ammortization deduction will High Tech have on its 2014 income tax return due to this purchase?

a. 120,000

b. 60,000

c. 45,000

d. 42,500

e. none of the above

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Accounting Basics, Accounting

Category:- Accounting Basics
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