In 2018, Marci is considering starting a new business. Marci incurs the following costs associated with this venture.
Marci started the new business on January 5, 2019. Determine the deduction for Marci's startup costs for 2018.
Definitions:
Valid Assignment
Legally effective transfer of rights, property, or obligations from one party to another.
Consideration
Something of value that is exchanged between parties in a contract, a critical element for the contract to be legally binding.
Implied Warranties
Guarantees that are not written down or explicitly stated but are understood to exist in a transaction, providing assurance that a product or service will meet certain standards.
Assignor
The party in a contract who transfers their rights or interests to another party, known as the assignee.
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