Clyde Operates a Sole Proprietorship Using the Cash Method

question 23

Multiple Choice

Clyde operates a sole proprietorship using the cash method. This year Clyde made the following expenditures: $480 to U.S. Bank for 12 months of interest accruing on a business loan from September 1st of this year through August 31st of next year.
$600 for 12 months of property insurance beginning on July 1 of this year.
What is the maximum amount Clyde can deduct this year?

• A) $760
• B) $600
• C) $480
• D) $160
• E) $360

---

Definitions:

Hegemonic Masculinity

describes a cultural construct of idealized male behaviors and attributes that assert dominance over other genders and masculinities.

Gangs

Organized groups, often characterized by a sense of identity and involvement in illegal or violent activities.

Sports

Competitive physical activities or games which, through casual or organized participation, aim to use, maintain, or improve physical ability and skills while providing enjoyment and entertainment to participants and spectators.

LGBTQ Identity

A term encompassing a range of sexual orientations and gender identities outside of heterosexual and cisgender norms.