Candlewood LLC began its business on September 1; it uses a calendar tax and accounting year. Candlewood
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Candlewood also incurred $30,000 of preopening advertising expenses and $24,500 of salaries and training costs for new employees before opening for business, for a total of $54,500 of startup costs. The LLC desires to take the largest deduction available for these costs. Compute Candlewood's deductions for the first year of its operations for:
a. Organizational expenses.
b. Startup expenses?
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Related Book For
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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