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:

Private Bills

Legislation that affects an individual, family, or small group rather than the general public, often granting relief from another law or granting a unique benefit.

Tax Relief

Fiscal measures or policies implemented to reduce the tax burden on individuals or businesses, often to stimulate economic growth or provide financial assistance.

Foreign Nationals

Individuals from countries other than the one in which they currently reside or are present, typically referring to non-citizens.

Re-Election

The process of being elected again to a political position, indicating the continuation of an individual's tenure in a specific office.