Question: You meet with a new client. Client states he has started a new business this year and he purchased a building, trucks, furniture, computers and

  • You meet with a new client. Client states he has started a new business this year and he purchased a building, trucks, furniture, computers and a cellphone. Client states " I know I have a loss this year because I have spent over $1 million this year to get this business started." You ask him how much he would like to depreciate this year? He responds, " What is depreciation?" How do you respond? Please explain depreciation to him.

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