Mark has a great idea for business and investigates his idea. He spends $2,000 for...
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Accounting
Mark has a great idea for business and investigates his idea. He spends $2,000 for a market survey and $2,200 for a feasibility study. After the investigation, he proceeds to establish the business in Year 1. He also has start-up expenses of $1,500 for pre-opening advertising. The business starts to operate on July 1, Year 1. Can much investigation and start-up expenses can he deduct in Year 1?
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