Taxpayers May Always Expense a Portion of Start-Up Costs and Organizational

question 123

True/False

Taxpayers may always expense a portion of start-up costs and organizational expenditures.

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Definitions:

Consideration

Something of value exchanged by parties in a contract that induces them to enter into the agreement.

Trustee

A legal entity or person appointed to manage and administer property or assets for the benefit of a third party.

Testamentary Trust

A trust that is created according to the instructions in a will, coming into effect upon the death of the person who created the will.

Administrator of the Estate

An individual appointed by a court to manage and distribute the assets of a deceased person's estate when there is no will.