Cory incurred and paid the following expenses: Calculate the amount that Cory can deduct (before any percentage limitations).
A) $5,000.
B) $4,600.
C) $3,000.
D) $1,500.
E) None of the above.

Question

Cory incurred and paid the following expenses:  Calculate the amount that Cory can deduct (before any percentage limitations).
A) $5,000. 
B) $4,600. 
C) $3,000. 
D) $1,500. 
E) None of the above.

Quizplus · Accepted Answer

From the information given in the question, it appears that Cory incurred and paid expenses related to his trade or business, which would make these expenses deductible.

Using the information given, we can add up the expenses as follows:

$3,000 (rent) 
+ $800 (utilities) 
+ $300 (supplies) 
+ $500 (interest) 
= $4,600

Therefore, the amount that Cory can deduct (before any percentage limitations) is $4,600, which is option B.

Cory Incurred and Paid the Following Expenses: Calculate the Amount