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ACC 343, Chapter 8

Across
The maximum immediate deduction for startup costs is _____ _____ dollars.
A taxpayer may claim _____ depletion deductions even if the adjusted basis in the natural resource is zero.
For listed property to be used predominantly in a business, its business use must be more than _____ percent.
The two kinds of depletion are _____ depletion and percentage depletion.
If a taxpayer buys more than _____ percent of the cost of personal property acquired during the year in the last quarter of the year, the taxpayer must use the mid-quarter convention for all depreciable personal propery acquired during the year.
A covenant not to compete is an _____ _____ asset.
The recovery period for office furniture under MACRS is _____ years.
The additional first year depreciation allowed under Section 168(k) is commonly known among tax professionals as _____ _____.
Section 197 intangibles are amortized straight line over _____ years.
Cost recovery for most depreciable personal property is based on the _____ _____ convention.
The cost of natural resources, such as oil and gas, is recovered through _____.
For purposes of the alternative minimum tax (AMT), a taxpayer must use the _____ depreciation system.
In general, it is better to ____ intangible drilling and development costs (IDC).
Down
Percentage depletion is also known as _____ depletion.
Goodwill is a _____ asset.
If a taxpayer deducts lease payments for an automobile, the taxpayer must report an _____ _____ in gross income based on IRS tables.
For a self-employed individual, the Section 179 deduction and cost recovery deductions save income tax and _____ _____ tax.
The recovery period under MACRS for commercial buildings is _____ years.
Cost recovery for buildings under MACRS is based on the _____ _____ convention.
In 2018, the maximum Section 179 deduction begins to _____ _____ once the cost of eligible property purchased and placed in service during the years exceeds $2,500,000.
A taxpayer may deduct a maximum of $25,000 under Section 179 for a large _____.
MACRS does not consider _____ _____ in calculating cost recovery deductions.
The maximum amount that a taxpayer may deduct under Section 179 for eligible property purchased in 2018 is _____ _____ dollars.
Under Regs. Sec. 1.195-1, a taxpayer is ____ to have made the election to deduct startup costs.