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What amount of the cost of the repairs can matt deduct

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Reference no: EM132367939

Question :

Matt hired Apex Services to repair Matt's business equipment. On November 1, of year 0, Matt paid $2,000 for the repairs that he expects to begin in early March of year 1.

a. What amount of the cost of the repairs can Matt deduct in year 0 if he uses the cash method of accounting for his business?

b. What amount of the cost of the repairs can Matt deduct in year 0 if he uses the accrual medlod of accounting for his business?

c. What amount of the cost of the repairs can Matt deduct in year 0 if he uses the accrual med-nod and he expects the repairs to be done by early February?

Reference no: EM132367939

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