joe is not in the hardware business. during 2019 joe traveled to a

Short Answer-There are four l exam. Label your answer. esions in this part. Answer these art. Answer these questions directly on the 1. Joe is NOT in the hardware business. During 2019 Joe traveled to a near-by city to investigate the purchase of a hardware store. His expenses included transportation, legal, accounting and miscellaneous expenses. The expenses totaled $49,000. He incurred these expenses in June and July of 2019. Joe acquired the new hardware store and began operations on November 1, 2019. How much if any can Joe deduct of the investigation expenses in 2019? 2.In January, Lance sold stock with a cost basis of $26,000 to his brother, James, for $24,000, the fair market value of the stock on the date of sale. Five months later, James sold the same stock through his broker for $27,000. (a)What is the amount, if any, of Lance's gain or loss to be reported? (b) What is the amount, if any, of James' gain or loss to be reported