Davis Owns and Operates a Convenience Store on the North

question 78

Multiple Choice

Davis owns and operates a convenience store on the north side of the city. He has always wanted to operate a sports bar. When he hears of a new shopping center development in the south part of the city, he contacts the developer and begins negotiations to open his dream enterprise.
I.If negotiations are successful and Davis incurs $40,000 in start-up costs to open his new business, he can deduct up to $5,000 of the start-up costs and must capitalize the costs of investigation and start-up exceeding $5,000.
II.If Davis decides not to open his bar and restaurant, the investigation expenses are fully deductible.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Serial Bonds

A sequence of small bond issues of progressively longer maturity.

Primary Market

The market where firms raise financial capital.

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Refers to securities or stocks that are being offered to the public for the first time, typically through an initial public offering (IPO).