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Determine the treatment of the expenses on their tax return

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Reference no: EM132484637

Mt. and Mrs. FB, a retired couple, decided to open a family restaurant. During March and April, they incurred the following expenses.

Prepaid rent on commercial real estate                                   $ 18,900

($2,000 per month from April through December)

Prepaid rent on restaurant equipment                                         8,910

($990 per month from April through December)

Advertising of upcoming grand opening                                        900

Staff hiring and training                                                       1 1,500

                                                                                        $40,219

Question 1: Mr. and Mrs. FB served their first meal to a customer on May l. Determine the treatment of the given expenses on their tax return.

Reference no: EM132484637

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