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:

Negative Consequences

Unfavorable results or outcomes that occur as a direct or indirect result of an action or decision.

Intense and Long-lasting

Describing emotions, experiences, or processes that are powerful and extend over a considerable period of time.

Subjective Evaluation

The process of judging or assessing something based on personal feelings, tastes, or opinions rather than objective criteria.

Sentiment

A complex combination of feelings and opinions as a response to a situation, person, or object.