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In January of year 1, Linda incurs $1,900 in expenses traveling to Miami to investigate the feasibility of acquiring a new business. She acquires the business and on March 1, year 1 and forms a new corporation, Linda Enterprises Inc. paying $7,000 of organization costs. In April of year 1, She begins operations and incurs $3,500 of startup expenses. How much is deductible in the first year for these expenses?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92710106

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