Describe how expenses incurred to alter or improve a non-depreciable asset affect the cost-basis of that asset

Accounting by Geoffrey
  • Describe rules governing the deductibility of employer and employee contributions to authorized retirement funds.
  • Discuss the limitations for deducting loss carry forwards.
  • Define a taxable year according to Article 22 and describe how a taxpayer can change the taxable year.
  • Describe the methods of accounting used for taxpayers and determine when taxpayers may change from one method to another.
  • Describe how expenses incurred to alter or improve a non-depreciable asset affect the cost-basis of that asset