Bill owns several apartment buildings. In order to ensure an adequate supply of heating oil he must make a deposit of 50% of the cost of last year's heating expenses by 10/1/X0. If he fails to use the deposit it is returned by 4/1/X1. When may Bill deduct the payment?

Answer rating: 100% (QA)

Bill as a taxpayer using the cash method of accounting can typically deduct expen... View the full answer