In 2021, Brian, a married taxpayer, made the final payments on his small motels located in...
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In 2021, Brian, a married taxpayer, made the final payments on his small motels located in California. As such, he now decided it would be prudent if he expands his business to include a dry cleaning business. Consequently, Brian flew to Boston to find out if he could potentially expand into purchasing and running a dry cleaning place. At the end of his business trip, he calculated that he incurred legal and accounting costs in the amount of $53,450. After incurring total investigation costs of $53,450, he ended up buying the dry cleaning shop on September 30, 2021. How much of these investigation expenses can Brian deduct in year 2021 and 2022? In 2021, Brian, a married taxpayer, made the final payments on his small motels located in California. As such, he now decided it would be prudent if he expands his business to include a dry cleaning business. Consequently, Brian flew to Boston to find out if he could potentially expand into purchasing and running a dry cleaning place. At the end of his business trip, he calculated that he incurred legal and accounting costs in the amount of $53,450. After incurring total investigation costs of $53,450, he ended up buying the dry cleaning shop on September 30, 2021. How much of these investigation expenses can Brian deduct in year 2021 and 2022?
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Brian can potentially deduct a portion of his investigation expenses in 2021 with any remaining bala... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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