Gwendolyn started a new business on June 1, 2020. She incurred $55,000 in start-up costs. She...

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Gwendolyn started a new business on June 1, 2020. She incurred $55,000 in start-up costs. She will deduct the maximum allowed on her first tax return and then amortize the remainder. What amount will she deduct as an expense for the current year? $0 $306 $2,139 $5,000 Gwendolyn started a new business on June 1, 2020. She incurred $55,000 in start-up costs. She will deduct the maximum allowed on her first tax return and then amortize the remainder. What amount will she deduct as an expense for the current year? $0 $306 $2,139 $5,000

Answer rating: 100% (QA)

Startup costs that exceeds the limit of 5000 can be a... View the full answer