Which of the following statements regarding the deduction of costs associated with investigating the purchase...
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Accounting
Which of the following statements regarding the deduction of costs associated with investigating the purchase of a new line of business is not correct? A) If the new line of business is not purchased, no deduction is permissible. B) If the new line of business is purchased and it is in the same line of business as the current trade or business operation, the cost of investigating the new business is fully deductible. C) The ability to deduct the cost of investigating a new line of business is often overlooked by taxpayers.
D) If the new line of business is purchased and it is in a different line of business as the current trade or business operation, there is no way to recoup the costs of investigation.
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