Gladys owns a retail hardware store in Tangipahoa.She is considering opening a business in Hammond,a community located 25 miles away.She incurs expenses of $60,000 in 2011 in investigating the feasibility and desirability of doing so.What amount can Gladys deduct in 2011 if the business is:
Definitions:
Command-based Economy
An economic system where production, investment, prices, and incomes are determined centrally by a government.
Discretionary Income
The amount of an individual's income that is left for saving, investing, or spending after taxes and basic necessities have been paid.
Gross National Income Per Capita
A measure that calculates the average income earned per person in a country, taking into account all residents' incomes.
Net National Income Per Capita
An economic metric that measures the total net income of a nation divided by its population, indicating the average income of its citizens.
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