Racine Started a New Business in the Current Year

question 42

Multiple Choice

Racine started a new business in the current year. She incurred $52,000 of start-up costs. If her business started on November 23^rd of the current year, what is the total expense she may deduct with respect to the start-up costs for her initial year, rounded to the nearest whole number?

• A) $2,555.
• B) $3,544.
• C) $5,522.
• D) $52,000.
• E) None of the choices are correct.

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Definitions:

Functionalists

Scholars in sociology and anthropology who analyze social institutions and structures based on the functions they perform in a society.

Economic Function

The role served by actions, activities, or institutions in producing, distributing, and consuming goods and services within an economy.

Communism

A political and economic ideology advocating for a classless society in which the means of production are owned collectively, and goods are distributed according to need.

Farm Small Plots

The practice of cultivating crops or raising livestock on relatively small pieces of land, often associated with subsistence or small-scale farming.