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jmazza jmazza
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3 years ago
During 2016 and 2017, Danny pays property taxes of $3,500 each year on a piece of land. During 2016, the land is vacant and unproductive. In 2017, Danny uses the land as a parking lot and generates $16,000 in income. Which of the following is true regarding the property taxes?

▸ Capitalize $3,500 each year.

▸ Deduct $3,500 each year.

▸ Capitalize $3,500 in 2016 and deduct $3,500 in 2017.

▸ Either Deduct $3,500 each year or Capitalize $3,500 in 2016 and deduct $3,500 in 2017 is acceptable.
Textbook 
Federal Taxation 2017 Individuals

Federal Taxation 2017 Individuals


Edition: 30th
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lpartykalpartyka
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3 years ago
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3 years ago
Correct Slight Smile TY
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You make an excellent tutor!
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Helped a lot
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