Accounting, and miscellaneous expenses

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Reference no: EM13929402

Terry traveled to a neighboring state to investigate the purchase of two hardware stores. His expenses included travel, legal, accounting, and miscellaneous expenses. The total was $52,000. He incurred the expenses in June and July 2015. Under the following circumstances, what can Terry deduct in 2015?
a. Terry was in the hardware store business and did not acquire the two hardware
stores.
b. Terry was in the hardware store business and acquired the two hardware stores and began operating them on October 1, 2015.
c. Terry did not acquire the two hardware stores and was not in the hardware store business.
d. Terry acquired the two hardware stores but was not in the hardware store business when he acquired them. Operations began on October 1, 2015.

Reference no: EM13929402

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