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A client placed three new business assets into service in 2023. The client has high taxable income and would like to maximize the deduction by using bonus depreciation. All of the following assets will qualify for bonus depreciation except

Richard, a self-employed business consultant, in 2023 traveled from New Orleans to New York for both business and vacation. He spent 4 days conducting business and some days vacationing. He incurred the following expenses:What is his deduction under the following two circumstances?a.He spends three days on vacation, in addition to the business days.b.He spends six days on vacation, in addition to the business days.

In calculating depletion of natural resources each period

Stellar Corporation purchased all of the assets of Bellavia Company as of January 1 this year for $1 million. Included in the assets acquired are the following intangible assets:​​​Patent10 year$120,000Covenant not to complete3 years30,000GoodwillIndefinite300,000What is Stellar’s maximum amortization deduction for the year?

Viviana is an owner of a business that produces chocolate. She will be allowed the qualified business income deduction if the business is operated in any of the following forms except the

Galaxy Corporation purchases specialty software from a software development firm for use in its business as of January 1 of the current year at a cost of $90,000. No hardware was acquired. How much of the cost can Galaxy deduct this year?

Rita, a self-employed CPA, incurred the following expenses during 2023What is Rita’s deduction for the year with respect to the above expenses and where will she deduct these expenses on her tax return? Assume Rita maintains all appropriate documentation.

Extra Credit (2pts): The products of photosynthesis that begin cellular respiration are: 1. [1] 2. [2]

Which of the following statements regarding Sec. 179 is true?

The following taxes are deductible as itemized deductions with the exception of