What amount of these investigation costs can Angel deduct if she opens the bookstore on August 1, 2019.
What amount of these investigation costs can Angel deduct if she opens the bookstore on August 1, 2019.
Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses
Section: Chapter Questions
Problem 4DQ
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While she was a college student, Angel lived by a bookstore located near campus. She thinks a bookstore located on the other side of campus would be successful. She incurs expenses of $42,800 (legal fees, accounting fees, marketing survey, etc.) in exploring its business potential. Her parents have agreed to lend her the money required to start the business. What amount of these investigation costs can Angel deduct if she opens the bookstore on August 1, 2019.
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