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John, a cash-basis calendar-year taxpayer, started up Milk-Tea a sole proprietorship on September 1, Year 1. John incurred and paid $53,150 in start-up expenses during
John, a cash-basis calendar-year taxpayer, started up Milk-Tea a sole proprietorship on September 1, Year 1. John incurred and paid $53,150 in start-up expenses during the three months prior to beginning business.What is the maximum amount of start-up costs deductible on John's Year 1 tax return?
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