GHI Co. (calendar year business) formed on February 1, 2021 and began operations on March 1, 2021.
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GHI Co. (calendar year business) formed on February 1, 2021 and began operations on March 1, 2021. GHI incurred $25,000 in legal and accounting fees during the month of February. During the month of February, GHI also incurred $70,000 in employee expenses and other costs associated with starting up the business. If GHI Co. properly elects to deduct and amortize their organization and start-up costs in a timely manner, how much of these costs can be deducted on the 2021 tax return?
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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