1. Which of the following expenses is not a deductible business expense:
a) $2,000 utility expense for the taxpayer's office building
b) $3,300 in entertainment expenses - Jazz tickets for the taxpayer's top client
c) $300 business insurance expense
d) $800 in wages paid to an employee

2. A calendar year taxpayer must use the mid-quarter convention for her 2021 asset purchases because she purchased 64% of the assets in the fourth quarter of the year (Oct - Dec). The taxpayer will deduct 6 months of depreciation for the assets she purchased on July 5.
a) True
b) False

Answer rating: 100% (QA)

1 OPTION B 3300 in entertainment expenses Jazz ticket... View the full answer