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shtirl [24]
3 years ago
9

Iris, a calendar year cash basis taxpayer, owns and operates several TV rental outlets in Florida and wants to expand to other s

tates. During 2019, she spends $14,000 to investigate TV rental stores in South Carolina and $9,000 to investigate TV rental stores in Georgia. She acquires the South Carolina operations but not the outlets in Georgia. As to these expenses, Iris should:
Select one:a. None of the above.b. Expense $9,000 for 2018 and capitalize $14,000.c. Expense $23,000 for 2018.d. Capitalize $14,000 and not deduct $9,000.e. Capitalize $23,000.
Business
1 answer:
nasty-shy [4]3 years ago
6 0

Answer:

C) Expense $23,000 for 2018.

Explanation:

Iris owns and operates TV rental outlets, so all the expenses she makes while investigating possible purchases of related businesses (other TV rental outlets) can be deducted from her income. This deductions can be made regardless of whether Iris ended up purchasing the new stores or not.  

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Answer:

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Explanation:

A risk averse person is an individual or person rather who prefers lower returns with known risk than higher returns with unknown or higher risks. In this case, the individual prioritizes preservation of capital at hand over the potential of a more than average return. In this scenario, for a risk averse individual, the pain of losing $1,000 on a bet exceeds the pleasure of winning $1,000 on a bet based on the high uncertainty attached to winning the $1000 bet.

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