Diane owns and manages a successful clothing store in Dallas. Just prior to the graduation of her
Question:
Diane owns and manages a successful clothing store in Dallas. Just prior to the graduation of her brother, Cameron, they investigated the possibility of opening another store in Atlanta for Cameron to manage. Diane and Cameron each paid
$1,600 in travel costs while looking for sites for the store. Each paid $300 in legal fees for a lawyer to compile a list of zoning regulations and other relevant city ordinances.
They decide that it is not feasible to open a new store at the present time.
Can Diane and Cameron deduct their business investigation expenses? Explain.
AppendixLO1
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Taxation For Decision Makers 2008
ISBN: 9780324654110
2nd Edition
Authors: Shirley Dennis-Escoffier, Karen A. Fortin
Question Posted: