What is the maximum amount of deduction for the current year

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Reference no: EM131911389

Problem

In March of the current year, Marcus 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 the best location and $3.600 in professional fees setting up an accountir and inventory system. Although he had never run his own business before, on August 1 he opened his doors for business. What is the maximum amount of deduction for the current year attributable to these expenditures?

Reference no: EM131911389

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