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ABC LLC is a calendar year LLC that was organized on April 1, 2020, and started business on May 1, 2020. During 2020 ABC incurred
ABC LLC is a calendar year LLC that was organized on April 1, 2020, and started business on May 1, 2020. During 2020 ABC incurred $8,000 in legal fees for writing the agreement between the members of the LLC. ABC also incurred $4,400 in fees for consultation during the formation of the organization. In April 2020 ABC also incurred $40,000 of advertising expenses and $30,000 for salaries and training costs for a total of $70,000 Question: How much of the expenses incurred by ABC that it can deduct in 2020? Be sure to show your computation
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