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What is the maximum amount Stanford can deduct

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Problem - Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a bakery. Stanford does not acquire the restaurant but does purchase the bakery on November 1, 2019. Stanford incurred the following expenses:

Total investigation costs related to the restaurant $28,000

Total investigation costs related to the bakery 51,000

Required - What is the maximum amount Stanford can deduct in 2019 for investigation expenses?

Reference no: EM132666757

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