In March of the Current Year,Marcus Began Investigating the Possibility

question 92

Multiple Choice

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 find the best location and $3,600 in professional fees setting up an accounting 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?

• A)$0
• B)$5,000
• C)$5,100
• D)$8,600

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Definitions:

Individual Abilities

The specific talents, skills, or competencies that a person possesses.

Selling Style

The approach or method a salesperson uses to connect with customers and close sales.

Leadership Recommended

Leadership recommended refers to the endorsement or suggestion of leadership practices or individuals for leadership roles based on their qualities, performance, and potential to positively impact an organization.

Path-Goal Leadership Model

A theory suggesting that a leader's effectiveness is based on their ability to clear the path to their followers' goals, by considering individual characteristics and environmental factors.