In February 2021, Stark Industries incurred the following expenses in connection with the development of...
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Accounting
In February 2021, Stark Industries incurred the following expenses in connection with the development of a new Iron Man suit for the US Military:
Salaries | $65,000 |
Utilities | 11,000 |
Materials | 255,000 |
Advertising | 15,000 |
Market survey | 4,200 |
Depreciation on machine | 18,000 |
Stark Industries expects to begin selling the product next year. If Stark elects to amortize research and experimental expenditures over 60 months, determine the amount of the deduction for research and experimental expenditures for the current year.
| a. | $0 | |
| b. | $118,000 | |
| c. | $143,000 | |
| d. | $152,000 |
In 2022, Natasha Romanoff is married and files a joint return. She operates a sole proprietorship in which she materially participates. Her proprietorship generates gross income of $225,000 and deductions of $525,000, resulting in a loss of $300,000. What is Natashas excess business loss for the year?
| a. | $-0-. | |
| b. | $300,000. | |
| c. | $250,000. | |
| d. | $30,000. |
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