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This year William provided $4,200 of services to a large client on credit. Unfor- tunately, this client has recently encountered financial difficulties and has been unable to pay William for the services. Moreover, William does not expect to collect for his services. William has "written off" the account and would like to claim a deduction for tax purposes.
a) What amount of deduction for bad debt expense can William claim this year if he uses the accrual method?
b) What amount of deduction for bad debt expense can William claim this year if he uses the cash method?
If a taxpayer has owned a building for 10 years and decides that it should make significant improvements to the building, what is the recovery period for the improvements?
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Your managing director asks if you can participate in a seminar that the firm is doing on Tax Efficient Financial Planning. He would like you to send him the various methods
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