$\mathrm{ }$ Taxpayer incurs $$40,000$ in costs to evaluate local zoning laws and conduct market surveys to determine whether to acquire a certain piece of real estate. He also incurred $$20,000$ in costs to prepare an offer for the property and to evaluate the title to the property. The offer was rejected by the owner and the property was not acquired. How should those costs be treated for tax purposes?

 

Answer rating: 100% (QA)

The costs incurred by the taxpayer for evaluating local zoning laws and co... View the full answer