Under 2018 (current) tax laws is this answer correct? And why? I thought capital expenditures...

80.2K

Verified Solution

Question

Accounting

imageUnder 2018 (current) tax laws is this answer correct? And why? I thought capital expenditures can be deductible over time.

imagesimilarly is this also 0 and why?

imageis this correct? Under current tax laws?

Required information The following information applies to the questions displayed below. Indicate the amount (If any) that Josh can deduct as an ordinary and necessary business deduction in each of the following situations. (Leave no answers blank. Enter zero if applicable.) b. Josh purchased a piece of land for $45,000 in order to get a location to expand his business. He also paid $3,200 to construct a new driveway for access to the property. Deductible amount 0 Required information The following information applies to the questions displayed below Indicate the amount (if any) that Josh can deduct as an ordinary and necessary business deduction in each of the following situations. (Leave no answers blank. Enter zero if applicable.) d. Josh paid his brother, a mechanic, $3,000 to install a robotic machine for Josh's business. The amount he paid to his brother is comparable to what he would have paid to an unrelated party to do the same work. Once the installation was completed by his brother, Josh began calibrating the machine for operation. However, by the end of the year, he had not started using the machine in his business. Required information The following information applies to the questions displayed below.J Ralph invited a potential client to dinner and the theater. Ralph paid $250 for the dinner and $220 for the theater tickets in advance. They first went to dinner and then they went to the theater. (Leave no answers blank. Enter zero if applicable.) a. What amount can Ralph deduct if, prior to the dinner, he met with the potential client to discuss future business prospects? 125 Deductible amount

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students