Using Table 7.4, what is the early start time for activity D?
A) week 9
B) week 4
C) week 7
D) week 0
B
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Blaine contributes property valued at $50,000 (basis of $40,000) in exchange for a 25% interest in the BIKE Partnership. If the property is later sold for $70,000, gain of $15,000 will be allocated to Blaine.
Answer the following statement true (T) or false (F)
Ajax Computer Company is an accrual-method calendar-year taxpayer. Ajax has never advertised in the national media prior to this year. In November of this year, however, Ajax paid $1 million for television advertising time during a "super" sporting event scheduled to take place in early February of next year. In addition, in November of this year the company paid $500,000 for a one-time advertising blitz during a professional golf tournament in April of next year. What amount of these payments, if any, can Ajax deduct this year?
A. $1.5 million B. $1.5 million only if the professional golf tournament is played before April 15 C. $1 million D. $500,000 E. No deduction can be claimed this year
Source documents are the original transaction records.
Answer the following statement true (T) or false (F)
On the basis of your answer to question 1, suggest some actions the company might have taken to help it survive.
What will be an ideal response?