A Sole Proprietor Paid Legal Fees in Connection with the Acquisition

question 101

True/False

A sole proprietor paid legal fees in connection with the acquisition of a building that he uses in his business.The sole proprietor can deduct the legal fees for AGI.

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Definitions:

Credit Card Statement

A document issued by a credit card company each billing cycle that details all transactions, fees, and payments made.

Change Of Address

The act of updating one's living or business location information across various personal and professional contacts and services.

Thief

An individual who unlawfully takes another person's property with the intent to permanently deprive them of it.

Potential Burglars

Individuals who might commit the act of unlawfully entering a property with the intent to commit a theft or other crimes.