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Harry, a plumber employed by a plumbing contractor here in Wellesley, is considering opening a Dunkin' Donuts franchise. He travels to Dunkin' Donuts headquarters in Quincy, Mass. (40 miles round trip) 4 times to meet with company officials. He incurs legal and accounting fees of $10,000. If Harry decides to acquire the franchise, any investigation expenses -- the legal, accounting and travel costs -- are:
A deduction for AGI.
A deduction from AGI, subject to the 2 percent floor.
A deduction from AGI, not subject to the 2 percent floor.
Deductible up to $5,000 in the current year with the balance being amortized over a 180-month period.
Not deductible.
a. What is the amount of Dominic's taxable income?
Exploring its business potential
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