Gary, a Sole Proprietor, Incurs the Following Expenses in His

question 101

Multiple Choice

Gary, a sole proprietor, incurs the following expenses in his record store business. Gary can deduct the following as business expenses in the current year
I.$3,000 in legal fees to acquire a competing record store.
II.$500 to the local police chief to not write parking tickets to his customers whose time ran-out on parking meters in front of his store.
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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:

Sedentary Lifestyle

A lifestyle characterized by a lot of sitting or lying down with minimal physical activity.

Child Safety Seats

Specially designed seats for vehicles that protect infants and young children during transport.

Public Policies

Principles and actions taken by governments to address public issues, ranging from health and safety to economic growth.

Health Care

A broad field involving the provision of medical services to prevent, treat, and manage illness, as well as to preserve mental and physical well-being through the services offered by the medical, nursing, and allied health professions.