Question 2 of 35 . A sole proprietorship that began business on May 1, 2021, incurred $7,500 of start-up expenses. If the business elects to report the maximum amount of start-up costs as a current expense, what is the amortization amount reported as an "other expense" on Schedule C (Form 1040) for the first year of business? $0 $111 $167 $333 Mark for follow up Section 1: Business Expenses and Deductions Scenario Based Question 1 of 35. Oliver, an insurance agent and sole practitioner, decided to sell his insurance agency to Grace. Under the terms of the sales agreement, Grace paid $8,000 for the goodwill that Oliver had garnered throughout his insurance career. The purchase was completed on March 3, 2021. What is Grace's 2021 deduction for amortization? $533 $667 $1,000 Mark for follow up Question 2 of 35