Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant.
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Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does not acquire the restaurant but does purchase the bakery on November 1, 2021.
Stanford incurred the following expenses:
Total investigation costs related to the restaurant $28,000
Total investigation costs related to the bakery 51,000
What is the maximum amount Stanford can deduct in 2021 for investigation expenses?
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Related Book For 
South-Western Federal Taxation 2022 Individual Income Taxes
ISBN: 9780357519073
45th Edition
Authors: James C. Young, Annette Nellen, William A. Raabe, Mark Persellin, William H. Hoffman
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