In 2018, Pablo, who is not otherwise involved in the gas station business, spends $53,000 investigating the acquisition of a gas station. All costs are ordinary and necessary. Pablo acquires the gas station and begins business on Nov. 1, 2018 What amount can Pablo deduct in 2018 for the expenses incurred in investigating the acquisition of the gas station if Pablo makes an election to accelerate his deductions as much as possible?

Answer rating: 100% (QA)

6 Startup costs Deduction In the first year of its operations the IRS permits a startup tax deduct... View the full answer