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18 July, 18:33

Which of the following must be capitalized by a business? a. Replacement of a windshield of a business truck that was broken in an accident. b. Amount paid for a covenant not to compete. c. Repair of a roof of a building used in business. d. Only "Repair of a roof of a building used in business" and "Amount paid for a covenant not to compete" must be capitalized. e."Replacement of a windshield of a business truck that was broken in an accident", "Repair of a roof of a building used in business", and "Amount paid for a covenant not to compete" can be expensed rather than capitalized.

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  1. 18 July, 19:02
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    b. Amount paid for a covenant not to compete.

    Explanation:

    All of these expenses, except for the covenant, can be deducted in the current tax year. The amortization period for the covenant is 15 years.
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