CPA Associates, a Cash- Basis Partnership with a Calendar Tax

question 672

Multiple Choice

CPA Associates, a cash- basis partnership with a calendar tax year, signs a contract for a 30- month subscription to an online tax research service, effective as of November 1. The firm pays the full $15,000 subscription bill on the November 1, 2018 subscription start date. For 2018 the firm can deduct

• A) $15,000.
• B) $1,000.
• C) $2,000.
• D) $7,500.

---

Definitions:

Stereotype Threat

The fear that a stereotype might be true of oneself or that one will be judged by that stereotype.

Self-Efficacy

Beliefs about our ability to exercise control over events, especially our ability to be successful after failure, criticism, or other challenges.

Workplace

A location or context where individuals engage in professional or vocational activities, typically outside of the home.

Predictive Research

A research methodology focused on forecasting future events or behaviors by analyzing current and historical data.