Daschle LLC Completed Some Research and Development During June of the Current

question 53

Multiple Choice

Daschle LLC completed some research and development during June of the current year. The related costs were $60,000. If Daschle wants to capitalize and amortize the costs as quickly as possible, what is the total amortization amount Daschle may deduct during the current year?

• A)$0
• B)$6,500
• C)$7,000
• D)$12,000
• E)None of the choices are correct.

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Definitions:

Mentally Incompetent

A legal status indicating that an individual is not capable of managing their affairs due to mental incapacity.

Promissory Notes

Written promises to pay a specified sum of money to a certain person at a specified time or on demand.

Real Defense

A legitimate legal defense that can be used to nullify a claim irrespective of the original contract's validity.

Holder in Due Course Rule

A legal principle that protects the purchaser of a negotiable instrument from certain claims and defenses in collecting the payment.