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Matt hired Apex Services to repair his 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 method 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 method and he expects the repairs to be done by early February?
d) What amount of the cost of the repairs can Matt deduct in year 0 if he uses the cash method of accounting and he expects the repairs to be done by early February?
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