Preparation_to_the_Final_Exam_ch6

Preparation_to_the_Final_Exam_ch6 - Preparationto...

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Principles of  Principles of  Taxation Taxation Spring 2010 Spring 2010 Preparation to  Preparation to  the Final Exam the Final Exam
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Agenda: Agenda: Chapter 6 Key Terms Problems Solving
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Key Terms Depreciation Expansion costs FIFO Going-concern value Goodwill Half-year convention Adjusted basis Amortization Capitalization Cost basis Cost depletion Cost of goods sold Intangible drilling and development costs Leasehold costs Leasehold improvements Leverage LIFO Organizational costs Passenger automobiles Percentage depletion Recovery period Specific identification method Start-up expenditures Tax basis Uniform capitalization (unicap) rules Limited expensing election Midmonth convention Midquarter convention Modified Accelerated Cost Recovery System
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Mr. Luke, decided to start his own business. During the period from July till October, he incurred the following expenses. Mr. Luke had first customer on November the 1 st : 1. What is the amount of costs that should be capitalized? 2. What is the amount of rent that Mr. Luke will deduct from November till December? Prepaid rent
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Preparation_to_the_Final_Exam_ch6 - Preparationto...

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