In May of the current year (2020), Mark began investigating the possibility of opening a law...

In May of the current year (2020), Mark began investigating the possibility of opening a law firm. From May through July he spent $1,200 on a market survey, $3,600 in consulting fees to find the best location, and $2,000 in professional fees setting up an accounting and inventory system. Although he had never run his own business before, on August 1 he opened his doors for business. What is the maximum amount of deduction for the current year attributable to these expenditures? Show work.

A) $0

B) $5,050

C) $5,080

D) $6,800

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ekkarill92 answered 1 year ago

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