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Problem - In March of the current year, Daze began investigating the possibility of opening a specialty clothing store. From March through June, he spent $2,300 on a market survey, $2,700 in consulting fees to find the best location and $3,600 in professional fees setting up an accounting and inventory system. Although he had never run his own business before, on September 1 he opened his doors for business.
What is the maximum amount of deduction for the current year attributable to these expenditures?
A) $0
B) $5,080
C) $5,100
D) $8,600
hanks hardware which sells sheers of sandpaper in bulk. october 1 hank had 4000 sheets of sandpaper at the average cost
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