Which of the Following Is/are Trade or Business Expenses

question 113

Multiple Choice

Which of the following is/are trade or business expenses?
I.Solly incurs legal expenses related to real estate he leases to Bucko Burger Hamburger Haven for a parking lot. Solly does little but negotiate the lease every year..
II.Susan owns several rental apartments. She negotiates new rental contracts, arranges for repairs and maintenance, and handles all leasing activities.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Pay Payroll Liabilities

The process of fulfilling the company's obligation to pay net payroll and associated taxes and benefits as they become due.

Enter Time

The act of recording the amount of time spent on various tasks, often used in professional settings for billing or project management.

Basic Payroll

The foundational aspects of the payroll process, including calculating employee wages, withholding taxes, and recording employee hours.

Assisted Payroll

A service provided by QuickBooks that includes full payroll processing along with professional assistance for tax filings and payments.