Author Question: In March of the current year, Marcus began investigating the possibility of opening a specialty ... (Read 69 times)

fnuegbu · **on:** Sep 13, 2020

In March of the current year, Marcus began investigating the possibility of opening a specialty clothing store. From March through June, he spent $2,300 on a market survey, $2,700 in consulting fees to find the best location and $3,600 in professional fees setting up an accounting and inventory system. Although he had never run his own business before, on August 1 he opened his doors for business. What is the maximum amount of deduction for the current year attributable to these expenditures?
◦ $0
◦ $5,000
◦ $5,100
◦ $8,600

meltdown117 · **Reply #1 on:** Sep 13, 2020

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